GE Vernova to source LFP battery modules from Our Next Energy in US

GE Vernova and Our Next Energy Inc. (ONE) have recently agreed to collaborate towards advancing battery energy storage solutions in the United States using locally manufactured batteries, including the supply of lithium iron phosphate (LFP) cells and battery modules for former's solar-cum-storage projects in the country. 

With the integration of locally manufactured cells, GE Vernova and its customers will be eligible for incentives offered by the Inflation Reduction Act (IRA) and Investment Tax Credits (ITC). ONE's cell manufacturing facility is located in Van Buren Township in the state of Michigan. 

Prakash Chandra, CEO at GE Vernova's Solar and Storage Solutions business, commented on the agreement, "Battery Energy Storage Systems (BESS) are vital for the renewable energy transition and grid stability. GE Vernova has deployed its FlexReservoirTM BESS systems globally. Now, in partnership with Our Next Energy, we're bringing American-made batteries to power local communities, bolstering manufacturing and job growth". 

"This is a testament to the US's leadership, fostering job creation and energy self-sufficiency, and investments in the energy sector", he added. GE Vernova's Solar and Storage Solutions business provides technologies in solar energy, battery energy storage, and power plant controls, enabling easier transition to dispatchable and reliable renewable energy solutions.

The U.S. stationary energy storage market is expected to grow at a rate of 11.4 percent through 2030, believes the company, citing analysts at Bloomberg New Energy Finance.

When paired with renewable energy generation, energy storage solutions play a pivotal role in helping to ensure uninterrupted access to power throughout the day by storing produced excess energy and releasing it during periods of low generation or high demand.

"Storage is the key to stabilizing the grid. In addition, it unlocks 100% renewable energy to power factories, communities, hospitals, and data centers," said Mujeeb Ijaz, founder and CEO at ONE. 

"As demand increases for energy storage systems, we are honored to play a role in helping GE Vernova and its customers transition the U.S. to more sustainable power sources by providing them with domestically produced batteries and cells," he added.