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Two new backers for BESS pipeline are attracted by Eco Stor

German-Norwegian battery energy storage system (BESS) company Eco Stor has attracted global renewables developer X-Elio and private equity firm Nature Infrastructure Capital (NIC) as new backers with commitments to investing a substantial amount of capital.

Established in 2018, Eco Stor specialises in energy storage systems made with second-life batteries from electric vehicles (EVs). The business was launched by Norwegian architecture and design firm Incube AS. The venture capital arm of Norwegian utility A Energi invested to become a majority shareholder in 2019.

The company’s current pipeline stands at more than 6 GW. Most recently, in October, it unveiled plans for a 300-MW/600-MWh German BESS. The system is set to enter the construction phase at the end of 2024 in the town of Wittlich, Rhineland-Palatinate.

X-Elio and NIC will make their investment under a strategic partnership with and the continued support from A Energi Invest, according to a statement released today. Financial details were not provided.

For X-Elio, the deal marks its entrance into the German storage market, consolidates its European presence, and accelerates its storage strategy.

NIC, in turn, is already present in Germany after the acquisition of local solar developer MaxSolar in 2022.


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