GE Vernova and ONE agree US battery deal

November 23, 2023

GE Vernova and Our Next Energy (ONE) have signed a term sheet that will facilitate the provision of ONE’s battery modules containing lithium iron phosphate (LFP) cells for GE Vernova’s Solar & Storage Solutions business projects across the US, as well as collaboration “towards advancing battery energy storage solutions in the US using locally manufactured batteries”.

With the integration of locally manufactured LFP batteries, GE Vernova and its customers will be able to take advantage of incentives offered by the Inflation Reduction Act (IRA) and investment tax credits (ITC). 

Prakash Chandra, CEO of GE Vernova’s Solar & Storage Solutions business, said: “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.“

Mujeeb Ijaz, founder and CEO at ONE, said: “Storage is the key to stabilising the grid. In addition, it unlocks 100 per cent renewable energy to power factories, communities, hospitals, and data centres. As demand increases for energy storage systems, we are honoured to play a role in helping GE Vernova and its customers transition the US to more sustainable power sources by providing them with domestically produced batteries and cells.”

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