(Credit: Pixabay)An energy storage deal between EnerVenue and Pine Gate Renewables will help implement 2.4 gigawatt hours of battery storage systems throughout the United States.
Under the multi-year agreement, Pine Gate Renewables will procure and deploy the energy storage systems made by EnerVenue. Pine Gate Renewables will deploy the battery systems over the next four years, expanding its growing portfolio of energy efficient projects.
The company helps develop and finance solar and storage projects. Pine Gate Renewables manages more than 1 GW in energy operations and has more than 16 GW in development across the US.
The energy storage systems as part of the deal are capable of delivering multiple power cycles each day. EnerVenue says they are safe, with a lower maintenance cost, and can last more than 30 years.
Battery storage is playing a significant role in energy transitions. The US Energy Information Administration says large-scale battery storage capacity was up 35% in 2020 with planned projects reaching more than 12 GW of capacity by 2023, 10 times what it was in 2019. A report last year by BloombergNEF found that an investment of $262 billion through 2030 is needed to stay on top of the growth in the installations.
California-based EnerVenue, which says it is the first to use metal-hydrogen batteries, was founded in 2020 and has raised $125 million in Series A funding. The company is a technology member of the Long Duration Energy Storage Council, which aims to significantly increase technology and investment in energy storage worldwide to help the grid achieve net zero.
The council, which also includes Microsoft and Google, says up to 10% of all electricity at one point will be collected with long term energy storage.
North Carolina’s Pine Gate Renewables developments include a renewable energy effort by the Giant Company and a solar project that is helping to power Bank of America’s headquarters. Financial terms of the agreement were not disclosed.
