Energy storage and distributed assets solutions is the goal of the new Honeywell and Alturus partnership; which will bring a collaborative effort to deploy these solutions for customers globally.
Firstly, Alturus will provide dedicated capital and structuring for Honeywell’s Renewables & Distributed Assets projects; which the companies will deploy for the commercial and industrial markets under an Energy Storage as a Service model.
Secondly, such structure would provide for customers an opportunity for energy savings; increased operational efficiency and also reduced emissions. In fact, under this off-balance sheet approach, customers would increase their resiliency and sustainability.
Thirdly, in the case of utility-scale projects, the companies will create a packaged financial and technological solution for project implementers. In this regard, Alturus will own the assets and will be responsible for financing the energy storage systems; while Honeywell will provide its integrated battery energy storage systems and software platform.
Moreover, the solutions to be deployed by the partnership align to the increase in demand for energy storage systems in the U.S.; also helps to achieve the decarbonization and renewable energy targets globally.
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Energy storage booming in the U.S., Europe and Africa
Particularly, in the U.S., an estimated 180 GW of grid-related battery storage will come online by 2030; according to data from the Department of Energy. While in Europe, the Middle East and Africa, battery storage deployment will exceed 350 GW in the same timeframe.
Consequently, Alturus and Honeywell’s partnership will add to the integral efforts of the industry and policy makers to achieve net zero carbon by 2050. About it Charles Esdaile, co-founder of Alturus, said. “Battery storage is critical to achieving the decarbonization goals that have been set by the world’s leading governments and corporations.”
He also remarked. “Our work will combine Alturus’ dedicated capital and contract structuring expertise with Honeywell’s industry-leading hardware; software and also operational capabilities. As a result, end users will now have a solution that is easy to understand and implement; that will dramatically scale the use of this important decarbonization technology worldwide.”
Finally, Eren Ergin, General Manager at Honeywell Process Solutions, said. “Honeywell’s advanced control software and performance-based guarantees will help end users improve their energy utilization; optimize operations and revenue streams, mitigate risk and realize significant savings over the entire life of their assets.”