VRB Energy announces US$24 million investment from BCPG, one of Asia-Pacific’s largest renewable energy companies
BCPG’s support validates VRB Energy’s advanced-flow battery technology as the ideal solution for integrating solar and wind power across the region
BEIJING and VANCOUVER, British Columbia, July 02, 2021 (GLOBE NEWSWIRE) — VRB Energy Chairman Robert Friedland and Chief Executive Officer Dr. Mianyan Huang are pleased to announce an investment of US$24 million by BCPG to accelerate growth of VRB Energy’s global energy storage business.
The investment by BCPG PLC (BCPG:Bangkok) – a Thailand-based developer and owner of renewable energy projects in the Asia-Pacific region, with 900 megawatts (MW) in operation and a pipeline of over 2,200MW, across Southeast Asia, Japan and Australia – will support rollout of VRB Energy’s Gen3 VRB-ESS®product, expanded manufacturing capacity, and vertical integration of vanadium processing to meet growing global demand.
“BCPG is a leader in Asia’s green energy revolution, and this investment reinforces our belief that VRB Energy’s game-changing technology will be a catalyst for integration of massive amounts of renewable energy around the region,” said Mr. Friedland.
“Countries around the world are now committed to net-zero carbon solutions, which will require vast capital investment over the next 25 years in energy storage. We’re extremely proud to be bringing forward vanadium-based batteries as a key solution for this global transformation,” added Mr. Friedland.
Developers and utilities are attracted to the low levelized cost of energy (LCOE) that VRB-ESS®deliver – with no cycle limits and no degradation of the vanadium electrolyte they are an ideal fit for the “heavy duty” daily cycling required for solar and wind integration to utility grids.
“In addition to welcoming BCPG as an investor, we are also working with them to add storage to their existing and planned projects to optimize system performance and enhance revenues, as well as to explore other business development opportunities with them in Thailand including localization of manufacturing,” noted Dr. Huang.
Mr. Bundit Sapianchai, BCPG CEO, commented: “We have been determined to strengthen our position as a leader in the green energy sector through investment in smart energy solutions, and VRB Energy’s long-duration batteries are a perfect fit to meet increasing demand for renewable energy, grid stability, and microgrid development.”
Mr. Pichai Chunhavajira, BCPG Chairman, will be appointed to the Board of Directors of VRB Energy upon the completion of the transaction.
Beyond the Asia-Pacific region, VRB Energy is in discussions with numerous developers and utilities in the U.S., Europe and South Africa for 100MW-class PV+VRB projects, and has noted an increasing demand for projects of 8-hours duration and longer.
About VRB Energy
VRB Energy is a fast-growing, privately-held clean technology innovator. The company has developed the most reliable, longest-lasting vanadium flow battery in the world, with more than 40 megawatt-hours installed and in construction worldwide, and more than 800,000 hours of demonstrated performance. The combination of VRB Energy’s proprietary low-cost ion-exchange membrane, long-life electrolyte formulation and innovative flow cell design sets it apart from other providers.
VRB Energy’s vanadium redox battery (VRB®) systems store energy in liquid electrolyte in a patented process based on the reduction and oxidation of ionic forms of the element vanadium. This is a nearly infinitely repeatable process that is safe, reliable, and non-toxic. Components can be nearly 100% recycled at end-of-life, dramatically improving lifecycle economics and environmental benefits compared to lithium-ion and other battery types.
VRB Energy is majority-owned by Ivanhoe Electric (formerly High Powered Exploration), a North American, minerals exploration and development company that also invests in minerals-dependent, high-growth emerging technologies. Ivanhoe Electric is a subsidiary of I-Pulse, a global leader in developing innovative commercial applications for pulsed power technologies that convert small amounts of electrical energy into limitless power to address a broad and growing suite of applications across multiple industrial markets. I-Pulse is a private company with offices in Toulouse, London, Tokyo and Vancouver.
For more information on VRB Energy, HPX and I-Pulse, please visit our websites at www.vrbenergy.com, www.hpxploration.com, and www.ipulse-group.com.
About BCPG PLC
BCPG Public Company Limited (BCPG), is among Asia-Pacific’s leading companies in renewable energy with solar power, hydropower, wind power and geothermal power businesses in Thailand, Japan, Laos, Vietnam, the Philippines and Indonesia.
While committed to investing in and operating green power plants, we strive to enhance our business to fulfill consumers’ needs by diversifying into more types of renewable energy and seeking innovative products and services for more sustainable use of energy.
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