VRB Energy announces US$24 million investment from BCPG, one of Asia-Pacific’s largest renewable energy companies
BCPG’s support validates VRB Energy’s advanced-flow battery technology as the ideal solution for integrating solar and wind power across the region
VRB Energy Chairman Robert Friedland and Chief Executive Officer Dr. Mianyan Huang are pleased to announce an investment of US$24 million by BCPG to accelerate growth of VRB Energy’s global energy storage business.
The investment by BCPG PLC (BCPG:Bangkok) – a Thailand-based developer and owner of renewable energy projects in the Asia-Pacific region, with 900 megawatts (MW) in operation and a pipeline of over 2,200MW, across Southeast Asia, Japan and Australia – will support rollout of VRB Energy’s Gen3 VRB-ESS® product, expanded manufacturing capacity, and vertical integration of vanadium processing to meet growing global demand.
“BCPG is a leader in Asia’s green energy revolution, and this investment reinforces our belief that VRB Energy’s game-changing technology will be a catalyst for integration of massive amounts of renewable energy around the region,” said Mr. Friedland.
“Countries around the world are now committed to net-zero carbon solutions, which will require vast capital investment over the next 25 years in energy storage. We’re extremely proud to be bringing forward vanadium-based batteries as a key solution for this global transformation,” added Mr. Friedland.
Developers and utilities are attracted to the low levelized cost of energy (LCOE) that VRB-ESS® deliver – with no cycle limits and no degradation of the vanadium electrolyte they are an ideal fit for the “heavy duty” daily cycling required for solar and wind integration to utility grids.
“In addition to welcoming BCPG as an investor, we are also working with them to add storage to their existing and planned projects to optimize system performance and enhance revenues, as well as to explore other business development opportunities with them in Thailand including localization of manufacturing,” noted Dr. Huang.
Mr. Bundit Sapianchai, BCPG CEO, commented: “We have been determined to strengthen our position as a leader in the green energy sector through investment in smart energy solutions, and VRB Energy’s long-duration batteries are a perfect fit to meet increasing demand for renewable energy, grid stability, and microgrid development.”
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