SunEdison recently announced its acquisition of Solar Grid Storage — a startup deploying combined energy storage and solar PV systems — for an undisclosed amount.
It is a little kept secret that with rooftop installations taking off, energy storage is going to be the next big push the solar and wind markets require. This acquisition will allow SunEdison to combine its renewable energy projects with battery technology.
The four year old Solar Grid Storage specializes in integrating solar installations with lithium-ion battery systems. As per information on its website, the company’s systems can support projects in the range of 150 kW to 10 MW. Currently, Solar Grid Storage has four operational projects while another three are in the pipeline.
The growth in the energy storage market is primarily driven by customers who own solar rooftops, and want to reduce their grid dependence and save money. Others on the lookout include those interested in storage backup for emergency, and also electricity grid operators who want to make the grid more stable and resilient.
Recently, SunEdison acquired First Wind to expand its foothold in the US wind energy market. Interestingly, as a result, the company has now become the world’s first renewable energy company which can offer solar and wind energy as well as energy storage systems. It is looking to complete solar and wind projects of about 2,300 MW capacity this year.
Several other companies have been eyeing the renewable and energy storage combination, including Panasonic, Tesla Motors, and AES.
Last month, Elon Musk told analysts that Tesla plans to debut a battery for residential users, and that production may start “in about six months or so.” The company already offers residential energy-storage units to select customers through SolarCity. On another front, French oil and gas major Total has been upping the ante and has invested in energy storage start-ups, including Sunverge and Stem.
Want to read more on energy storage companies we have our eyes on? Follow the link.
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