Eurocell, an Anglo-Korean next-generation battery company, is primed to take advantage of the rapidly-growing energy storage market, predicted to be worth £22.3 billion ($30 billion/€26.8 million) by 2030.
The company’s proven batteries, which are now ready for scaled-up manufacturing, are perfectly suited to energy storage. They last over 10 times longer than conventional lithium-ion technologies used widely in electric vehicles (EVs), reducing virtually all end of life issues.
A wide range of operating temperatures also makes them ideally suited to areas with extreme weather and for off-grid solutions. Eurocell’s batteries are also safer than conventional batteries, with a vastly reduced risk of thermal runaways and fire risks in buildings.
Eurocell is now in advanced discussions with European customers including next-generation housing companies and property developers, where its batteries will be used to harness energy created from wind and solar sources to power future homes.
It is also talking with a world-leading off-grid plant hire business wanting advanced, high-tech lighting solutions and generators to silently power outdoor events with zero-emission energy. Plus, a major energy company needing high performance and long-lasting battery storage solutions to balance the grid – providing affordable and stable energy at times of peak demand.
Recardo Bruins, Eurocell EMEA CEO, said: “A lot of the debate so far has been about the electrification of vehicles but we think it’s time to discuss the wider electrification of society. That’s not just about how we electrify our cars, but how we will charge them while providing renewable off grid solutions and powering our industry and homes.
“This is why Eurocell’s market-leading batteries, which we will start producing next year, are so crucial. Their performance, safety and longevity make them ideal for ‘smart’ homes and offices where you can store renewable energy, or energy from the grid at the cheapest tariff and then deploy it when you want to.
“If we want to meet net zero targets and live in a clean and sustainable carbon-free world, then it’s essential we urgently find ways to electrify all aspects of our lives from renewable sources, and Eurocell will be a key enabler of this.”
Eurocell is now on track with plans to build its first European Gigafactory, producing proven production-ready technologies in just 12 months. With an initial £600 million investment planned over two phases, it intends to supply European energy storage and batteries for automotive electric vehicle (EV) and emobility applications. Full capacity will be reached as early as 2025.
The company will mass-produce and export its market-leading technologies from one of three key markets, the UK, the Netherlands or Spain. It is already actively looking at sites and the final choice is heavily dependent on the right combination of local support measures, strategic benefits and site infrastructure. With some governments moving faster than others it’s likely that the most advanced proposal will be the final location.
The host country selected will benefit from the creation of hundreds of direct and indirect jobs, transferring vital skills from South Korean battery experts and boosting the economy in a strategic sector crucial to achieving Europe’s Net Zero ambitions.