One of Europe’s biggest utilities and a South Korean battery giant are set to join forces to take advantage of the growing lithium-ion energy storage system market.
Germany’s top utility E.ON and battery firm Samsung SDI have signed a memorandum of understanding to pool together resources and knowledge to enter the market.
The ESS market is predicted to explode in 2016 as Tesla’s Powerwall and a number of rival residential and commercial systems come on stream.
E.ON said in a statement that both groups would develop “profitable energy storage solutions and… assess and develop a potential business model for targeting applications for lithium-ion batteries in selected regions and markets.”
As part of the agreement it is understood that E.ON and Samsung SDI will run battery projects in the United States, Germany, Britain and the Czech Republic, with the aim of expanding these to other countries.
No financial details were disclosed.