29 °C Singapore, SG
August 10, 2022
Latest News
Polestar CEO Wants to Build O2 Electric Roadster Joanne Khew shifts from Standard Chartered Bank to ESG role at Eastspring Investments HCM City eyes advanced waste-management technologies Transitions to efficient LED lighting can mitigate the energy crisis New biobattery: using bacterial interactions to generate power European passenger plugin car market is still expanding Air Canada takes off with sustainable aviation fuel from San Francisco BrightNight expands into Australia GE Awarded 9HA Gas Turbine Order to Deliver Approximately 2 Gigawatts of Electricity in Guangdong, China Taking Action: Energy-Related Climate Change Mitigation Policies in ASEAN Meralco floats a tender of 850 MW renewable energy capacity Genex starts construction at flagship pumped hydro storage project GM bets on fuel-cell as battery shortcomings hamper clean energy transition Masdar and Cosmo Energy to explore renewable initiatives in Japan El Salvador Eyes Major Renewables Push Under New Partnership with IRENA Iberdrola eyes 3.5GW offshore wind in Philippines BP and Maersk successfully carry out marine biofuel trials The Korean way towards green growth Exxon Following Blockbuster Video to Oblivion, Investment Exec Warns Getting real about the hydrogen economy Electrification to decarbonise Singapore’s energy system New method of scoring carbon emissions to power sustainable software GoodFuels and REG collaborate on marine biofuel development SP Group and Banpu NEXT partner on smart city solutions across Asia Pacific North Sea Oil Faces ‘Death Knell’ after Shell Quits Cambo Oilfield Three Studies Predict More Frequent, Devastating Storms as Temperatures Rise China Briefing, 2 December 2021: Quarterly emissions fall; Power shortages’ impact; China-Russia energy cooperation A renewable energy company in Thailand has electric vehicle dreams China Briefing, 18 November 2021: Xi-Biden meeting; Methane emissions; ‘Historic new high’ for coal Asian Youth Demand Real Climate Action

Taiwanese company buys majority stake in ENGIE’s storage and EV arm

 

Taiwan Cement Corp has invested €132 million ($160.2 million) in ENGIE Eps, an energy storage and electric vehicle (EV) charging infrastructure provider and a subsidiary of French multinational electric utility ENGIE.

The investment means Taiwan Cement Corp now owns a 60.48% stake in ENGIE Eps, becoming the largest shareholder of the European energy services company. The deal makes Taiwan Cement Corp a global storage solution provider active across all continents, and the first Taiwan-based company to enter the battery and energy storage market in Europe.

This follows Taiwan Power Company entering into the European, Asian and African cement markets demonstrating its ambition to enter into the energy market. Since Europe is a global leader in renewable energy and energy storage, Taiwan Power Company (TCC) will leverage the acquisition to expand its knowledge on the technologies and its role in expanding global markets.

TCC will leverage the acquisition to enhance its renewable energy, energy storage, and demand response offerings in Taiwan as well. The company has over the past years invested in solar, wind, geothermal, and ocean thermal and has recently invested in energy storage to address the intermittency of renewables.

Through its subsidiaries TCC Green Energy and E-Moli, the company has built and set live for frequency regulation, a battery energy storage system using in-house batteries and energy management software. However, the company was still lacking energy management and power conditioning systems which had to be procured from outside sources. The acquisition will help TCC address the challenge since ENGIE Eps has developed such systems.

Nelson Chang, the chairman of TCC, said: “To enter the global market, you have to cooperate with global enterprises. We cannot only focus on the Taiwan market when expanding our energy business, we need to be global competitive.”

The acquisition by the Taiwanese company also symbolises a brand new start for ENGIE Eps with the unveiling of a new name, NHOA (New HOrizons Ahead). ENGIE will expand its solutions and services including bringing clean energy and sustainable solutions for the transportation sector.

Have you read?
South Africa partners with ENGIE to study hydrogen valley
ENGIE announces €1.5 billion strategy to decarbonise Chilean grid
Coalition announces 2021 projects to decarbonise transport and logistics

TCC plans to improve ENGIE Eps’ portfolio of fast charging stations to help EV owners to lower charging time from eight hours to less than 30 minutes. The company also wants to leverage vehicle-2-grid capabilities to ensure EVs can be utilised as storage mechanisms helping to stabilise the grid when strained.

The acquisition will also help fast-forward its clean agenda which includes shifting from coal-fired power generation to coal-biomass power generation, using alternative fuel and material to produce cement to reduce carbon emissions, continuing R&D of carbon capture technologies, developing renewable energy, energy storage and batteries and reducing emissions of company vehicles.

“Together we will make a difference to the world and the Earth!,” added Chang.

ENGIE Eps CEO Carlalberto Guglielminotti, said the acquisition will give his company “instant access to a world-leading supply chain and to the Asian markets, as well as the financial breadth to credibly position as a global leader in the turnkey delivery of energy storage systems and a global enabler of the e-mobility revolution. More importantly, with TCC we share the mission, which inspired our new brand NHOA, to shape a better future for a next-generation living in harmony with our planet.”

Chinese companies have expanded in the European market at a record pace in recent years, according to a report issued by Baker McKenzie. This is likely going to ensure technology transfer and cooperation in accelerating the energy transition and reduce carbon emissions for the mitigation of climate change.

Source

Leave a Reply

Your email address will not be published.