Spanish renewables developer X-ELIO and private equity firm Nature Infrastructure Capital (NIC) have partnered with Å Energi Invest to invest in ECO STOR, a developer of BESS in Germany.
The investment will support the development and construction of ECO STOR’s 60GW BESS project pipeline.
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The investment marks X-ELIO’s entry into the German energy storage market, which is known for its rapid growth and potential.
It will strengthen the company’s European footprint and advance its storage strategy.
The company already has storage assets in operation or under construction in the US and Chile. Fully permitted assets in Australia will commence construction in 2024.
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With the addition of ECO STOR’s projects, X-ELIO’s total storage pipeline will almost double from 6.6GW to 12.6GW.
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By GlobalDataX-ELIO CEO Lluís Noguera stated: “We are impressed by the position ECO STOR has built in Germany over a very short time. The capabilities and expertise of the ECO STOR team are very complementary to X-ELIO’s existing core competencies and I am certain this acquisition will accelerate the potential of both companies in the rapidly evolving energy storage space.”
ECO STOR CEO Trygve Burchardt stated: “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.”
Highlighting a recent study by Germany’s four transmission grid operators, X-ELIO stated the need for 24GW of utility-scale battery storage in the country by 2037.
In March 2023, KKR agreed to sell its 50% stake in X-ELIO to Brookfield Renewable, its joint venture partner, for an undisclosed amount.
