X-ELIO, NIC & Å Energi invest in German storage company ECO STOR

February 20, 2024

Renewable energy developer X-ELIO and private equity firm Nature Infrastructure Capital have formed a strategic partnership with Å Energi Invest, the corporate venture arm of Norwegian utility Å ENERGI, to invest in ECO STOR, one of the leading utility-scale battery energy storage system (BESS) developers in Germany.

In partnership with ECO STOR’s management team and founders, X-ELIO and its partners intend to deploy the “necessary capital to continue developing and constructing ECO STOR’s pipeline of utility-scale BESS projects, totalling over 6GW, in Germany”, a statement said.

“With this strategic investment, X-ELIO enters the highly attractive and rapidly growing German storage market, consolidates its European presence and accelerates its storage strategy,” the statement added.

A recent study conducted by the four transmission grid operators in Germany, revealed that the country requires nearly 24GW of utility-scale battery storage by 2037 to ensure grid stability, given the significant expected expansion of intermittent renewable generation.

Lluís Noguera, CEO of X-ELIO, said: “We are impressed by the position ECO STOR has build in Germany over a very short period of time. The capabilities and expertise of ECO STOR team are very complementary to X-ELIO’s existing core competences, and I am certain this acquisition will accelerate the potential of both companies in the rapidly evolving energy storage space.”

Dr. Trygve Burchardt, CEO of ECO STOR, added: “It has been a true pleasure to be part of the success of ECO STOR in the German battery energy storage market. 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. This will allow us to maintain our market leadership and fuel further growth. Bringing together some of the most influential renewable energy investors in Europe gives ECO STOR the resources to accelerate energy storage adoption in Europe and thereby support our transformation toward renewable energy.”