Agreement between Rosatom and Enertech International, the South Korean firm also includes building a lithium-ion and energy storage systems factory in Russia
Renera, the energy storage subsidiary firm of Russian power manufacturer Rosatom has acquired 49% stake in Enertech International, a South Korean firm that produces lithium-ion storage cells and battery systems. As part of the agreement, Enertech has also committed to building a lithium-ion and energy storage systems factory in Russia. The factory will have a capacity of a minimum of 2GWh and will be operational by the end of this decade. These battery cells and storage systems will eventually be used in electric cars, buses, special equipment and for augmenting electricity grids.
Rosatom’s partnership with Enertech International is in line with the company’s plans to strategically develop its portfolio of non-nuclear businesses. Among these businesses is energy storage for which Rosatom has developed end-to-end technology. This has enabled the company to produce a variety of sophisticated products which have a range of applications in the rapidly developing energy storage market globally.
Natalia Nikipelova, President of TVEL (Rosatom’s fuel division), said: “The alliance with [Enertech International] is a strategically important milestone for the development of Rosatom’s energy storage business. This will increase production capacity, significantly enhance our expertise and applications based on lithium-ion batteries and also facilitate access to foreign markets. In addition, local manufacturing content in Russia means not just new technologies and products, but also new jobs.”
Lithium-ion batteries are considered to be at the cutting edge of advanced energy storage technology in the world today. Their relatively inexpensive cost of production and high performance make them a competitively positioned solution to power electric vehicles and augment electricity grids. These are two of the most impactful decarbonization approaches which are being rapidly adopted by governments around the world. Bloomberg has forecasted that in the coming decade, the annual demand for lithium-ion batteries will grow almost 10 times. Establishing a world-class facility in Russia will inject new strength into the production growth and widespread adoption of Russian electric transport.