EDF plans to invest $10Billion in Energy Storage by next decade

Energy Storage market seems to be taking a dive as renewable energy sector grows exponentially around the globe. Major key-players such as Panasonic, Samsung and Tesla have been investing heavily in the energy storage market. Installation of several major capacity solar plants have made European countries such as Germany good markets for energy storage. As German solar subsidies decline, the use of batteries to shift solar power to the evening has grown increasingly attractive. It has been attractive enough for the above mentioned global key-players as well as local companies such as Bosch, Sonnenbatterie and Varta.

French national utility EDF announced that it plans to spend 8 billion euros ($9.8 billion) by 2035 in a move to become “the European leader” in energy storage. EDF’s goal is to develop 10GW of additional storage around the world by 2035, on top of the 5GW already operated by the Group. This acceleration represents an investment of €8 billion during the 2018-2035 period.

With EDF’s plan for energy storage ahead, France could become the next global market for the sector. EDF is heavily dependent on nuclear energy for now but it plans to generate 100% carbon free power in the coming decade. EDF is also doubling R&D investment to 70 million euros ($86 million) between 2018 and 2020.

Jean-Bernard Lévy, EDF’s CEO and Chairman said,

“Electricity storage technologies have a potential to radically change the energy sector. EDF’s Electricity Storage Plan is based on the expertise coming from all entities within our Group and 25 years of investment in R&D. The new limit the Group is setting is a 100% carbon-free power system by 2050. By its scale, the Electricity Storage Plan, like the Solar Plan, confirms EDF’s ability to enable a competitive ecosystem in order to make our carbon-free future a reality.”

EDF’s immediate plans include three battery storage projects, including the 49 MW West Burton, Nottinghamshire, project for National Grid in the U.K. and a second 48 MW battery at Lackenby near Middlesborough.

The 10GW project is divided into two projects worth 6GW and 4GW where 6 GW is for utility-scale systems, such as pumped storage and batteries, and 4 GW is for batteries for retail customers, companies and municipal customers.

Source: UTILITYDIVE

A group of tech enthusiasts who are tracking latest developments in CleanTech with special focus on Energy Storage and Electric Mobility

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A group of tech enthusiasts who are tracking latest developments in CleanTech with special focus on Energy Storage and Electric Mobility

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