EIT InnoEnergy, a leading cleantech investment firm supported by the European Union on Wednesday launched a pan-European company, Repono, to deploy and operate 100GWh of energy storage in Europe by 2030.
Repono will be focused on owning and operating large energy storage systems (ESS) and will be able to standardize and accelerate the way the systems are deployed all over Europe to enable a 24x7 clean energy supply. Apart from EIT InnoEnergy, Repono's early backers include Schneider Electric, SIPLEC E.Leclerc, Stena Metall, Boryszew Group, and NTM GmbH.
"With enough capitalization for the first years of operation, Repono aims to capture a 10 percent share of an anticipated 1TWh European market in 2030," EIT InnoEnergy said in an official release.
Rasmus Bergstrom, CEO of Repono highlighted Repono will enable the region to stay on track with energy transition by addressing three key areas.
"Firstly, it will strategically manage its storage capacities via short-term spot markets. Repono will monitor market fluctuations allowing it to buy, charge, sell, and discharge at the right time with the aim to shift excess production to periods of excess demand. Secondly, Repono's balancing services will be crucial to maintaining grid stability and preventing large-scale blackouts. Lastly, by integrating energy storage into power purchase agreements (PPAs) between large independent power producers and industrial companies, Repono will help to ensure a reliable, 24/7 decarbonized electricity supply," he added.
Repono currently has energy storage systems in operation following the acquisition of Swedish storage developer, BatteryLoop. Rasmus Bergström, previously CEO of Batteryloop, will continue to serve as the CEO of Repono.
InnoEnergy was established in 2010 and is supported by the European Institute of Innovation and Technology (EIT), a body of the European Union. The company is also the main force behind three strategic European initiatives which include the European Battery Alliance (EBA), the European Green Hydrogen Acceleration Center (EGHAC), and the European Solar Photovoltaic Industry Alliance (ESIA).