As demand for energy storage solutions continues to grow, acquisitions within the sector are reflecting this quick pace of expansion. This week, Vulcan Industries acquired Forepower Lincoln, a 240-megawatt lithium-ion battery storage project, along with Gelion announcing the takeover of Johnson Matthey's battery materials IP portfolio.
Forepower Lincoln is a 240MW Lithium-ion Battery Storage project and holds a grid connection contract (to connect to the National Grid Infrastructure) and an option to lease a parcel of land for a minimum of 25 years. Following the disposal of its legacy businesses, Vulcan has been working to extend its portfolio of fabrication activities into the renewable energy sector.
Ian Tordoff, Executive Chairman said, "We are delighted to be working with the FPL (250) team to develop initially this exciting project and subsequently the pipeline of projects that we have identified. Battery Storage is an important part of the drive for increased renewable energy in the UK and provides significant opportunities for growth in future."
Gelion also announced its strategic acquisition of Johnson Matthey's battery materials IP portfolio this week, for a consideration of £4.25 million. The acquisition has the potential to resolve the issue of sulfur management which is a critical issue for Lithium Sulfur batteries. It also eliminates the reliance on the maturity of Lithium Metal anodes, as the Lithium Sulfur cathodes developed by Gelion are compatible with graphitic, silicon, and lithium metal anodes, and allow for the Lithium Sulfur technology to be commercialised rapidly.
The company says that the acquisition will greatly strengthen Gelion's position in the LiSiS market to create a sustainable future through next-generation energy storage solutions, with the acquisition being one of the largest portfolios in the Lithium Sulfur space.
Other news within the sector this week came from ATME Power , with half-year results overall demonstrating good progress and showing that the company is in line with market expectations. Its financial performance reflected continued investment in commercialisation plans, with a turnover of £0.55 million, down from £0.82 million in H1 2022. Its loss before tax stood at £3.72 million, compared a loss of £2.65 million in H1 2022.
Alan Hollis, CEO of AMTE Power commented, "AMTE Power is one of the few manufacturers of battery cells in the UK today and has three products in development that are close to commercialisation with samples already in the hands of customers for testing from whom we are receiving positive feedback.
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The news from Gelion and Vulcan this week reflect the desperate need for battery storage technologies to accelerate the shift from fossil fuels to renewable energy, with the deployment of EV’s rapidly increasing across the globe and a need to capture energy produced by intermittent forms of energy generation including wind and solar power.
Lithium-ion technology continues to hold its dominance in grid-scale energy storage and has been positively impacted by the widespread deployment of electric vehicles. In years to come, the demand for lithium energy storage is set to rapidly increase, with the United Nations predicting that cheap electricity from renewable sources could provide 65 percent of the world's total electricity supply by 2030, up from around a fifth at present.
Looking to the UK specifically, the UK government's plans to end sales of petrol and diesel cars by 2030, further illustrates that battery storage technologies will be increasingly needed in the UK to power a much bigger fleet of electric vehicles, with only 2% of cars on UK roads currently battery electric.
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