BCPG invests USD 24m in vanadium flow battery dev VRB Energy
VRB Energy cell stack and power module manufacturing in Beijing. Source: VRB Energy
Thailand-based renewables company BCPG PLC (BKK:BCPG) has invested USD 24 million (EUR 20.2m) in vanadium flow battery developer VRB Energy to support the growth of its global energy storage business.
The investment will back the roll-out of VRB Energy’s proprietary storage solution Gen3 VRB-ESS, expanded manufacturing capacity and vertical integration of vanadium processing, the battery developer announced in a press release on Friday.
The investment agreement sets the stage for BCPG chairman Pichai Chunhavajira to take a seat of VRB Energy’s board of directors once the transaction closes.
The parties also agreed to work on adding storage to BCPG’s existing and planned projects, and jointly explore other business development opportunities in Thailand, including localisation of manufacturing, VRB Energy CEO Mianyan Huang added in the press statement.
BCPG develops and owns renewable energy projects in the Asia-Pacific region. The company boasts 900 MW in operation and a pipeline of over 2,200 MW across Southeast Asia, Japan and Australia, the press release reads.
The VRB-ESS product is described as capable of delivering a low levelised cost of energy (LCOE), thanks to no cycle limits and no degradation of the vanadium electrolyte, which makes it ideally suited to support the integration of wind and solar power.
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