Statoil recently launched a new venture capital fund dedicated to investing in companies in the renewable energy sector and supporting its strategy of growth in new energy solutions, including energy storage and smart grids. The fund will invest up to US$200 million over a period of four to seven years. This will be one of the world's largest corporate venture funds dedicated to renewable energy and low carbon solutions.
Panasonic India Ltd and AES India Private Ltd have agreed to construct a 10MW energy storage array at Panasonic's Technopark manufacturing facility in Jhajjar, Haryana, India. This joint project is the first large-scale battery-based energy storage project in India.
In March 2016, General Electric (GE) announced that its energy consulting business had been selected by wind energy firm IL&FS Energy Development to examine the feasibility of integrated wind, solar and energy storage projects at IL&FS Energy's sites in selected regions across India. As part of the study, GE will design an integrated wind, solar and energy storage plant, estimate the capex and operating costs as well as develop a business plan that includes the viability gap funding that will be required for the commercialisation of the project.
Kokam Co. Ltd recently announced that it has successfully deployed two Lithium Nickel Manganese Cobalt (NMC) Oxide Energy Storage Systems (ESSs) - a 24MW/9MWh system and a 16MW/6MWh system - for frequency regulation on the South Korean electricity grid. The 24MW system is the largest capacity Lithium NMC ESS used for frequency regulation in the world.
Mitsubushi Electric Corporation recently announced its delivery of an energy storage system with a 50MW output and 300MWh rated capacity to Kyushu Electric Power Co. The system is part of a pilot project to balance supply and demand via high-capacity energy storage systems. It was installed at the Buzen substation in Buzen, Fukuoka Prefecture, Japan.
Samsung SDI, a leading South Korean battery firm, is teaming up with Korea Electric Power Corp (KEPCO) to tap into the global energy storage system (ESS) markets. The companies have signed a Memorandum of Understanding for cooperation in the ESS sector. Samsung SDI will jointly enter global markets with KEPCO when they bid for global energy projects. Samsung SDI will also supply its battery when KEPCO delivers global power business models.
SolarReserve LLC, a leading global developer of utility-scale solar power recently partnered with Shenhua Group Corporation to deliver 24-hour solar power with energy storage to China. The companies have signed a Memorandum of Understanding to build 1,000MW of solar thermal projects in China with an estimated capex of US$2.31bn. It is hoped SolarReserve's energy storage technology will solve the intermittncy issues facing renewable energy in China, making their operational capabilities similar to fossil fuels and nuclear power.
In March 2016, Engie and SUSI Partners AG (an investment adviser) signed a Memorandum of Understanding with the aim of promoting grid-scale power storage projects. SUSI plan to contribute EUR50m in equity for projects, including energy storage projects that Engie intend to develop within the energy sector.
In light of diversifying its revenue away from highly volatile oil prices,Total has proposed to buy Saft, a French company that specialises in producing devices for the stationary storage industry as well as for transport ad other applicaitons. Total valued Saft at EUR950m (US$1.1m) and have stated this acquisition is part of the firm's goal to accelerate its development in the fields of renewable energy and electricity.
RES and National Grid are working on their first battery energy storage systems to provide a frequency response service in sub-second timescales. Both parties have signed a contract of four years in which RES has committed to provide 20MW of frequency response from battery storage.
The Danish financial investor Recharge will take a 50.1% stake in a hybrid renewable storage project on the Azorean island of Graciosa. The renewable energy system will be developed by Younicos and will have the capability of enabling up to 100% spontaneous renewable power penetration, allowing the Portuguese island to replace around two-thirds of its fossil fuel generation with wind and solar power.
Green Charge Network, an energy storage company based in California, USA who have approximately 48MW-hours of storage deployed or under construction, have been acquired by the multinational utility company Engie. Engie have acquired an 80% stake in Green Charge with the view of utilising their energy storage and battery solar expertise.
Advanced Research Projects Agency Energy (Arpa-E), a branch of the US Department of Energy and founded in 2009 under Barack Obama's economic recovery plan to fund early stage research into the generation and storage of energy, says it has attained the 'holy grail' of energy - the next generation system of battery storage. According to Arpa-E's Director, the battery storage systems they have developed are on the verge of transforming America's electrical grid, especially in the realm of large-scale energy storage systems and utility-scale storage, and expanding the use of micro grids for the military and disaster relief.
According to the U.S. Energy Storage Monitor 2015, the rise of solar and wind power is leading to an explosion in energy storage. GTM Research and the Energy Storage Association found that the overall U.S. energy storage market grew by 243% in 2015 and predict the market will reach 17GW by 2020.
Greensmith Energy have deployed 70MW of energy storage, all powered by the company's GEMS software platform. Greensmith is reportedly on track to install over 100MW of energy storage this year in the USA, after announcing this in December 2015, an US$18.3m round of growth funding led by American Electric Power and E.ON.
Concept by US has launched a complete solar power and energy storage solution called Powerstation 247 for the domestic and small business markets. This system provides 17.28 kWh of energy storage along with a solar power system of 5,10 or 15kW. The system uses hybrid inverters, a charge controller, solar MPP-trackers, wiring terminals and disconnect switches, also having the ability to function on or off-grid.
In February 2016, the Edison Electric Institute (EEI) released their annual Wall Street briefing on the state of the electric power industry. The briefing discusses the financial outlook of the industry, the ongoing grid transformation. and the hope for a 'clean' energy future.
Over the past 3 years SolarCity has signed a number of supply agreements with Tesla Motors for energy storage systems, however GTM Research estimates Tesla Motor's expected revenue from Solar City to jump from US$8m in 2015 to US$44m this year. This is equivalent to an increase of 450% from just one customer. SolarCity will install 60% more Tesla batteries behind the meter in the US than the entire market in 2015.
California-based Verengo Solar and battery provider Swell Energy have partnered up to establish another one-stop home energy storage and backup power solution for the residential market. Under the terms of agreement, Verengo Solar will become a preferred installer of Swell Energy's home solar battery products. The services offered include an energy storage solution that will allow customers to power their homes independent of the electrical grid for up to one day or, when paired with solar, potentially indefinitely.