Brookfield-owned renewable energy developer and operator X-ELIO has partnered with another infrastructure investor NIC to invest in German battery storage developer and system integrator Eco Stor.
Spain-headquartered X-ELIO and Natural Infrastructure Capital (NIC) have struck an agreement with Eco Stor’s existing shareholders, notably the venture capital arm of Norwegian utility A Energi, to invest in the company.
Eco Stor is a battery storage project developer and battery energy storage system (BESS) integrator. After this deal, X-ELIO, NIC, company management and ‘certain existing shareholders’ will continue to invest in progressing the company’s BESS project pipeline in Germany, which totals 6GW.
This does not appear to be a full sell-down by A Energy (through Agder Energi Venture), however, with Eco Stor CEO Trygve Burchardt commenting: “We are very pleased to now announce that X-ELIO and NIC will be investing in ECO STOR together with the continued support from Å Energy.”
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It comes a few weeks after another German BESS developer, Kyon Energy, was acquired by oil and gas major TotalEnergies. Kyon and Eco Stor have partnered on projects in the past.
It grows X-ELIO’s energy storage market presence into Germany, with assets under construction, operation or fully permitted for construction in Australia, Chile and the US. Global infrastructure investment firm Brookfield has been 100% owner of X-ELIO since March 2023.
For NIC, the deal grows its presence in the German clean energy market after it acquired 100% of solar PV project developer MaxSolar in 2022.
Read all Energy-Storage.news’ coverage of the German energy storage market here, including the launch of the government’s Energy Storage Strategy and the start of construction at what has been claimed as the country’s largest BESS.
Energy-Storage.news’ publisher Solar Media will host the 9th annual Energy Storage Summit EU in London, 20-21 February 2024. This year it is moving to a larger venue, bringing together Europe’s leading investors, policymakers, developers, utilities, energy buyers and service providers all in one place. Visit the official site for more info.
