Graphene technology company Nanotech Energy will supply 1GWh or more of battery energy storage systems (BESS) to Greece through distributor Smile Energy through 2028.
LA-based Nanotech Energy announced the 1GWh+ master supply agreement with Smile Energy today (20 October).
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Smile Energy, which has taken over the distribution of Nanotech products in Greece, aims to operate the first commercial, stationary BESS to several Greek islands, it said. Smile is also responsible for distributing Nanotech’s products in the Balkans, North Africa & the Middle East.
The firm has 700MWh of energy storage in development across these regions and will use Nanotech Energy’s battery technology to ‘consider’ developing BESS units for residential, commercial & industrial and marine applications.
Nanotech’s battery uses lithium-ion supported by graphene technology that the firm claims improves the electrochemical properties of both the battery anode and cathode.
The firm raised US$64 million in a Series D in August 2021, bringing its valuation to US$550 million off a total of US$95 million raised to date, it said at the time. Backers include Multiverse Investment Fund and Fubon Financial Group.
Greece recently doubled its 2030 energy storage target to 3GW in April this year and last month got state aid approval from the EU for a 900MW grid-connected energy storage pipeline.