Subsea engineering and floating and offshore renewable energy company G8 will use advanced lithium-ion battery technology produced by 3DOM Singapore (3DOM SG) in all of its renewable energy projects in Asia.
A transaction agreement signed by the pair last week will see 3DOM SG, a subsidiary of Japanese lithium battery startup 3DOM, become primary supplier of batteries and energy storage solutions for G8’s wind, solar and hydroelectric power projects.
As part of the deal, 3DOM will also invest up to US$10 million in G8, buying a 5% stake which values the company at US$200 million. A share swap will also be made, with new shares in 3DOM SG issued representing an 8% stake of its share capital, in exchange for 24% of G8’s share capital.
Singapore-Norwegian company G8 Subsea has more than 2.5GW of renewable energy and subsea transmission projects under development in Asia, including offshore wind farms and floating solar PV.
3DOM meanwhile has developed technologies including a lithium manganese iron phosphate (LMFP) battery with high energy density cathode material that it claims has thermal stability and will have longer cycle life than nickel manganese cobalt (NMC) batteries.
It has also developed high temperature resistant lithium-ion batteries that it claimed could be used in a large number of applications, particularly for regions with semi-tropical and tropical climates. Additionally it has a proprietary separator which is more than 70% porous and able to operate in temperatures up to 400°C — the latter development reduces the risk of explosions and fires, according to 3DOM.
Parent company 3DOM holds most of the technology and patents relating to the batteries, although some are held together with partners such as Tokyo Metropolitan University. 3DOM has approvals from all partners to license its technologies through 3DOM SG.
After 3DOM was founded in Japan in 2014, its Singapore-headquartered subsidiary was incorporated in 2019 and it is expecting to begin revenue generating activities from next year, starting with the LFMP and high temperature resistant Li-ion batteries. 3DOM is in talks with OEM battery makers in Japan and Taiwan and is expecting to serve the electric transport as well as stationary energy storage sectors.
In the deal with G8, 3DOM SG will supply battery monitoring and control technologies as well as the batteries themselves, and allocate first and second-life batteries for projects. The partners will also explore other opportunities in renewable power, such a biomass, while looking for further opportunities in wind, solar and hydro.
In electric mobility G8 and 3DOM will look into creating a circular economy of first and second-life battery supply.
A planned ‘reverse takeover’ for 3DOM SG is planned with Singapore investment company Reenova which would value the battery company at US$1 billion, which was announced in mid-November.