Rosatom's storage business takes 49% stake in Korean Li-ion battery co

Renera equipment. Image credit: Ilya Safarov/TVEL Fuel Company

March 8 (Renewables Now) - Renera LLC, the energy storage business of Russian state nuclear energy corporation Rosatom, has finalised an agreement to acquire a 49% stake in South Korean lithium-ion battery specialist Enertech International Inc.

The deal also entails the construction of a Russia-based facility to manufacture lithium-ion cells and energy storage systems, targeting a production capacity of at least 2 GWh by 2030. The first stage of production is scheduled to start in 2025.

Russia-made lithium-ion batteries will be used for electric vehicles (EVs), special equipment and in power grids, said Rosatom’s nuclear fuel producer TVEL Fuel Company, the parent of Renera.

The partnership with Enertech is part of Rosatom’s strategy to develop non-nuclear businesses.

“This will increase production capacity, significantly enhance our expertise and applications based on lithium-ion batteries and also facilitate access to foreign markets. In addition, local manufacturing content in Russia means not just new technologies and products, but also new jobs”, said TVEL Fuel Company president Natalia Nikipelova.

By setting up battery production in Russia, the company seeks to stimulate national automotive industry, reduce dependence on imports and associated commercial risks, which in turn would lower the costs of the final products, incentivise production growth and widespread adoption of electric transport, TVEL Fuel added.

Rosatom, through TVEL Fuel, founded Renera last year, making the new subsidiary responsible for making lithium-ion traction batteries for EVs, energy storage systems for emergency power supply, renewables and smoothing of load demand.

More stories to explore
Share this story
About the author

Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription