Electric automobile battery startup Our Next Energy will provide its new power storage merchandise to a $500 million Berkshire Hathaway Energy solar-powered manufacturing hub in West Virginia.
It can even open a manufacturing facility to construct the programs on the industrial complicated.
BHE Renewables chosen the Novi, Mich., battery firm to assist provide energy to the two,000-acre solar-powered industrial web site in Ravenswood, W.Va., the corporate mentioned. The complicated broke floor on Saturday.
BHE will make the most of ONE’s new Aries Grid power storage models, which is able to retailer solar-generated electrical energy through the day to be used on the location at night time. The models will assist energy the location’s first manufacturing facility, a Precision Castparts Corp. plant that can assemble titanium merchandise for the aerospace business.
The Aries Grid makes use of the identical lithium iron phosphate battery expertise that the corporate employs for electrical industrial automobiles. One Aries Grid unit accommodates 78 Aries I EV battery packs, and may retailer power from the grid or from renewable sources equivalent to photo voltaic or wind.
ONE additionally plans to construct a manufacturing facility on the Berkshire Hathaway web site to assemble extra battery storage programs. The firm mentioned it will make investments $22 million to construct the brand new Aries Grid manufacturing facility, which is anticipated to open in 2025 and generate 105 jobs.
This is the primary main venture for ONE’s Aries Grid enterprise unit, which launched in February. ONE has excessive hopes for the enterprise as the marketplace for power storage options grows, CEO Mujeeb Ijaz informed Automotive News’ sibling publication Crain’s Detroit Business final month.
“In our business discussions with utility customers, we can double our company’s revenue projections by taking on this new vertical,” Ijaz mentioned. “This has been a part of our business plan all along.”
Ijaz informed Crain’s Detroit Business that he sees the vertical accounting for 20 to 25 p.c of the corporate’s general enterprise as soon as it scales up.
ONE has additionally continued to spend money on its EV battery enterprise, together with plans for a $1.6 billion EV battery cell plant that it expects to open in Michigan subsequent yr. To assist fund that venture, it raised $300 million in a sequence B funding spherical in February, bringing the corporate’s valuation to $1.2 billion.
Source: www.autonews.com