Tion Renewables, a developer of renewable energy assets, announced the acquisition of an 8 MW/9.3 MWh battery storage project developed by Boom Power for an enterprise value of around £5 million (~$6 million).
The battery energy storage system, located in Bacup, England, consists of five battery containers using lithium-ion technology and will be directly connected to the grid. This is Tion’s first battery storage project and is expected to become operational in the first half of 2023.
German renewables company Tion Renewables, previously known as Pacifico Renewables Yield, operates a portfolio of 159 MW of wind and solar projects in Europe and holds a stake in independent power producer (IPP) clearvise AG.
Tion co-chief executive Christoph Strasser said the company chose to enter the battery market with a rather small project. “The project represents an ideal opportunity to enter a new market and to grow further without raising additional capital,” Strasser added.
“Our pipeline of battery storage projects, to which Tion has priority access, adds up to +1.5 GWh and provides many opportunities to continue working together in the future,” said Boom founder and chief executive Mark Hogan.
According to Mercom’s 9M And Q3 2022 Funding and M&A Report for Storage, Grid & Efficiency. In the first nine months of 2022, there were 30 Energy Storage project acquisitions compared to 31 in 9M 2021.
GridStor, a developer and operator of grid-scale battery energy storage systems, recently announced the acquisition of a portfolio of storage projects currently in development in the greater Los Angeles area from Upstream Energy. The portfolio of Battery Storage systems consists of multiple projects representing over 500 MW / 2,000 MWh of capacity.