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September 27, 2021
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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.

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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.


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