X-ELIO, the global leader in the renewable energy sector owned by Brookfield and Nature Infrastructure Capital (NIC), a private equity firm dedicated to the global energy transition, have formed a strategic partnership with Å Energi Invest, the corporate venture arm of Norwegian utility Å ENERGI, to invest in ECO STOR, one of the leading utility-scale battery energy storage system (BESS) developers in Germany.
In partnership with ECO STOR’s management team and founders, X-ELIO and its partners intend to deploy the necessary capital to continue developing and constructing ECO STOR’s pipeline of utility-scale BESS projects, totalling over 6GW, in Germany. The aim is to help alleviate the grid congestion challenges prevalent in several regions across the country, with a substantial percentage of the projects located in these areas. The closing of the transaction is subject to the fulfilment of certain conditions, including the necessary regulatory approvals.
With this strategic investment, X-ELIO enters the highly attractive and rapidly growing German storage market, consolidates its European presence and accelerates its storage strategy. X-ELIO currently has storage assets under operation or construction in USA and Chile and fully permitted storage assets in Australia, that are expected to start construction in 2024. In addition, X-ELIO’s total storage pipeline will increase from 6.6GW to 12.6GW with the investment in ECO STOR.
High Potential Market Segment
The decision to form this strategic partnership comes at a pivotal time for the German electricity market, given the urgent need for large-scale storage capacity in the country. A recent study conducted by the four transmission grid operators in Germany, revealed that the country requires nearly 24GW of utility-scale battery storage by 2037 to ensure grid stability, given the significant expected expansion of intermittent renewable generation.
Lluís Noguera, CEO of X-ELIO said: “We are impressed by the position ECO STOR has build in Germany over a very short period of time. The capabilities and expertise of ECO STOR team are very complementary to X-ELIO’s existing core competences, and I am certain this acquisition will accelerate the potential of both companies in the rapidly evolving energy storage space.”
Dr. Trygve Burchardt, CEO of ECO STOR continued: “It has been a true pleasure to be part of the success of ECO STOR in the German battery energy storage market. We are very pleased to now announce that X.ELIO and NIC will be investing in ECO STOR together with the continued support from Å Energy. This will allow us to maintain our market leadership and fuel further growth. Bringing together some of the most influential renewable energy investors in Europe gives ECO STOR the resources to accelerate energy storage adoption in Europe and thereby support our transformation toward renewable energy.”
About X-ELIO
X-ELIO, a Brookfield-owned company, specializes in the development, construction, financing, and operation of renewable energy projects with a global presence in Spain, Italy, the United States, Latin America, the Middle East, Japan, and Australia. With more than 19 years of experience and 2.8 GW built, this world-leading company is strongly committed to sustainability, the reduction of greenhouse gasses, and the fight against climate change. For more information, please visit our website at www.x-elio.com, our LinkedIn profile at https://www.linkedin.com/company/x-elio, or our X profile at https://twitter.com/X_Elio.
About Eco Stor
ECO STOR GmbH is a dynamic German-Norwegian company with the mission to build up storage capacities in the energy system in order to establish an increasingly sustainable and independent energy supply. The company covers the entire value chain from project development, construction, financing and operation of battery storage plants. ECO STOR GmbH has become the market leader for battery storage plants in Germany with a market share of around 20%. It has successfully built approximately 100 MWh of storage projects in Germany, serving as a co-developer and EPC partner. The company boasts a pipeline of over 6 GW, out of which 1.5 GW are in advanced stages of development.
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