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EDF doubles down on energy storage with PowerUp investment

960 640 Stuart O'Brien

Cleantech sector startup PowerUp has completed a new round of funding worth €5m from Supernova Invest, business angels, and the EDF Group.

Founded in 2017, France-based PowerUp has developed a breakthrough technology based on more than ten years of research by CEA-LITEN (innovation laboratory for new energy technologies), as well as on a total of 7 patents.

Its solutions aim to optimise the performance and lifetime of lithium- ion batteries in order to enhance the reliability and competitiveness of future energy storage systems.

EDF Pulse Croissance’s investment in PowerUp is part of the EDF Group’s Electricity Storage Plan, which targets the installation of 10 GW of new storage capacity by 2035.

The investment in PowerUp reaffirms EDF’s desire to be a major player in the energy transition and in low-carbon generation.

This new display of confidence is aimed at enabling it to continue its growth in France and Europe. It also marks the start of a new era: PowerUp says it’s is now ready to tackle the energy storage systems sector, a new international market for the firm.

Carmen Munoz, Director of downstream activities, EDF R&D, said: “EDF R&D’s expertise in batteries, which spans more than 20 years, coupled with PowerUp’s innovative technology and market understanding, will ensure further progress towards the development of a more effective solution, while also boosting competitiveness.”

Josselin Priour, CEO and Co-founder of PowerUp, added: “With this fundraising round, PowerUp is entering a new era. In 2021, we will be embarking on a phase of increased production, and this capital will support our growth. In addition to securing our leadership position in France, we aim to grow our business in Europe and North America. Behind this growth lies a real need: more than ever before, we need to increase the lifetime of our batteries to ensure greener energy production.”

EDF’s solar PV expansion in UK ‘to provide impetus for economic recovery’ amid COVID-19

960 640 Stuart O'Brien

French utility EDF is launching a major solar-plus-battery storage hybrid initiative in the UK as part of its plans to increase its installed renewable base.

Analyst house GlobalData anticipates that this is likely to provide a boost to its solar portfolio in the country and also act as a green stimulus to the stagnant economy, which is now slowly resuming activities.

Somik Das, Senior Power Analyst at GlobalData, said: “EDF renewables has been a key player in the wind sector in the UK, however, it has not performed significantly in the solar PV sector. GlobalData’s figures suggest that more than 800MW of active wind plants are owned by the company in the UK, however, there is a notable abcense of the company in the solar sector. With this initiative, EDF Renewables would be able to strengthen its solar foothold and become a noteworthy player in both areas.”

Looking at ways to expand the current renewables portfolio in the UK, the EDF Group plans to have a 50GW renewables portfolio by 2030 becoming Europe’s market leader in clean energy.

Das concluded: “COVID-19 provided an opportunity to successfully produce electricity by minimizing the use of coal in the generation mix for over a month. It has supported the country’s target of decommissioning coal-based power plants by 2025, which might now be brought a year ahead. This is expected to reduce emissions, which had already seen a drop by 42% last year. EDF’s initiative is likely to aid the cause and help in achieving the country’s net-zero target.”