Spanish oil company Repsol has purchased an undisclosed stake in Valencia-based manufacturer of residential battery systems, Ampere Energy.
Repsol will take a seat on Ampere’s board, but financial details of the transaction have not been revealed.
However, Ampere said the deal includes “a technological collaboration agreement… through which synergies will be generated in different projects and innovative initiatives will be developed in the field of energy storage and management”.
Ampere CEO Ignacio Osorio said Repsol’s investment was “an acknowledgement of the technological value of Ampere and brought fresh impetus to undertake ambitious growth plans”.
This announcement sees Repsol following in the footsteps of Shell— which recently acquired German battery storage firm Sonnen and UK virtual battery systems operating firm Limejump— as traditional fossil fuel firms make moves into the burgeoning energy storage market.
Ampere Energy designs develops and manufactures lithium-ion energy battery systems equipped with artificial intelligence.