Vanadium battery energy storage solutions, from Vancouver-based company VRB Energy, received a $24 million investment from BCPG; one of Asia-Pacific’s largest renewable energy companies.
Firstly, the investment by BCPG, Thailand-based developer and owner of renewable energy projects in the Asia-Pacific region; will support rollout of VRB Energy’s Gen3 VRB-Energy Storage system (ESS) product; as well as to expand its manufacturing capacity and vertical integration of the company.
Secondly, the solution provided by VRB Energy, with vanadium battery storage; attracts utilities for its levelized cost of energy, as well as its no cycle limits and no degradation of the vanadium electrolyte.
Consequently, they are an ideal fit for the “heavy duty” daily cycling required for solar; and wind integration to utility grids.
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Vanadium battery storage, to compete with other technologies in emerging market
Thirdly, beyond the Asia-Pacific region, VRB Energy is in discussions with numerous developers; and also, utilities in the U.S., Europe and South Africa. This to provide its vanadium battery storage solutions, as well as a 100MW-class PV+VRB projects.
Moreover, besides the investment, VRB Energy is also working with BGCP “to add storage to their existing and planned projects; to optimize system performance and enhance revenues, as well as to explore other business development opportunities; including localization of manufacturing.” Said Dr. Mianyan Huang, CEO of VRB Energy.
On the other hand, Robert Friedland, chairman of the company, said. “Countries around the world are now in way to net-zero carbon solutions; which will require vast capital investment over the next 25 years in energy storage. We’re extremely proud to be bringing forward vanadium battery storage as a key solution for this global transformation.”
Finally, Bundit Sapianchai, BCPG CEO, commented. “We have a determination to strengthen our position as a leader in the green energy sector; through investment in smart energy solutions, and VRB Energy’s long-duration batteries are also a perfect fit to meet increasing demand for renewable energy; grid stability, and microgrid development.”