• Entry into the German battery storage market: Battery energy storage system (10MW/13MWh) acquired in Thuringia
• Withdrawal from the battery storage project acquired in the UK in 2022 by the end of 2023
Tion Renewables AG acquired its first battery storage project in Germany last week. The lithium-ion battery energy storage system (“BESS”; 10MW/13MWh) is connected directly to the electricity grid. The project is currently under construction and is expected to become operational in the second half of 2024.
Acquisition structure of the battery storage project in Germany
Located in Thuringia, Germany, the BESS (10MW/13MWh) consists of lithium-ion battery cells and is connected directly to the electricity grid. It is scheduled to become operational in the second half of 2024.
Tion will acquire 90% of the battery storage project in two phases; the project developer and seller will remain invested with 10%.
Withdrawal from the battery storage project in the UK
Tion acquired its first BESS in the UK in November 2022. Due to subsequent delays in the construction phase, in particular relating to the grid connection, Tion will exercise its withdrawal right in the purchase agreement to reverse the acquisition in December 2023.