July 8, 2021: VRB Energy said on July 2 it had been given $24 million from Thai energy developer BCPG, which will speed up growth and enable BCPG to step into utility-scale energy storage.
Majority owned by North American minerals exploration and development firm Ivanhoe Exploration (formerly High Powered Exploration), VRB Energy has a portfolio of 40MWh installed around the world, with 800,000 hours of demonstrated performance, it says.
In March it was given a project to install a 100MW/500MWh flow battery to be integrated with a solar photovoltaic power station in Hubei Province, China.
This will ultimately become a factory that will produce 1,000MW of VRB energy storage systems a year, alongside a vanadium flow battery R&D institute, BCPG says.
The investment will provide a welcome boost for VRB from BCPG, which already runs energy storage installations across southeast Asia, Japan and Australia totalling 900MW with more than 2,200MW in the pipeline.
“This strategic partnership paves a strong pathway for BCPG to fulfil its ambition to be at the forefront of the utility-scale renewable energy and energy storage business,” said BCPG.
VRB Energy chairman Robert Friedland calls his firm’s technology ‘a catalyst for integration of massive amounts of renewable energy around the region’.
BCPG chairman Pichai Chunhavajira will take a seat on VRB’s board of directors once the transaction is completed, the firms said.