EQS Group-News: Swiss Green Electricity Management Group SA / Key word(s):
Investment
Swiss Green Electricity Management Group, the independent owner and operator
of energy storage assets globally, announces its first investment in US PJM
Regulation Market
01.11.2016 / 06:30
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For publication on Tuesday 1st November 2016
Swiss Green Electricity Management Group, the independent owner and
operator of energy storage assets globally, announces its first investment
in US PJM Regulation Market.
- SGEM acquires its first US project and starts building a 20 MW / 10 MWh
Energy Storage Plant outside Chicago to provide real-time frequency
regulation service to the US regional transmission PJM Market
- SGEM announces a partnership with Leclanché and selects Leclanché as
the overall Engineering, Procurement and Construction contractor and
battery energy storage system supplier for Marengo Project
LAUSANNE, Switzerland, 1st November 2016. Swiss Green Electricity
Management Group (SGEM), an innovative investment company focused on the
rapidly growing international energy storage market, has been formed by a
group of Swiss entrepreneurs led by Swiss investor Antoine Spillmann, the
CEO and executive partner at Swiss-based Bruellan Wealth Management.
SGEM acquires late-stage energy storage projects on a build-own-operate
model.
The group provides equity capital, leads project finance and supervises
construction and operation of the respective energy storage assets to
deliver risk-adjusted returns to investors.
"The significantly higher share of renewable energy in the electricity mix
poses substantial challenges to a stable supply and requires strengthened
grid stability," explains Antoine Spillmann, Chairman of SGEM. "As a direct
result, demand for frequency regulation is growing considerably. The smart
deployment of battery energy storage systems is the lowest-cost solution to
help grid operators to reduce and defer their investments into transmission
and distribution infrastructure upgrades. These services result in
significant savings for both consumers and operators as illustrated in the
already well-structured U.S. market. In parallel, the EU is now adopting
new market regulation which will stimulate the implementation of similar
projects in key European markets."
"SGEM works with strategic partners and co-investors on specific projects
which are expected to benefit from risk-adjusted infrastructure returns,
thanks to a portfolio of projects which is well diversified across
geographies and market applications. We believe that SGEM is the industry's
first independent owner and operator of energy storage projects,"
highlights Spillmann.
Preferred Partnership with Leclanché and First Project acquired from
GlidePath Power
SGEM entered into a preferred partnership with Leclanché SA, a leading
global, fully vertically integrated battery energy storage solution
company. This partnership provides SGEM a right of first offer to
Leclanché's qualified projects. The first project of this partnership is
the acquisition of the Marengo Energy Storage Plant located outside of
Chicago, Illinois. The grid-scale energy storage project, with 20 megawatts
(MW) of power capacity and the ability to store 10 megawatt-hours (MWh) of
energy capacity, is among the largest fully commercial battery storage
projects in North America.The project was developed by GlidePath Power, a
leading developer of advanced energy solutions, which recently sold three
similar projects to British power producer RES and French utility EDF. SGEM
and GlidePath worked together to validate the project's technical and
economic performance. GlidePath selected Leclanché as the overall
engineering, procurement and construction contractor, system integrator and
battery energy storage systems (BESS) supplier. Leclanché's integrated BESS
provides superior performance factor as defined by the Reg D PJM Regulation
Market.
The Marengo plant will be interconnected to the local Commonwealth Edison
Company (ComEd) electric grid and will provide real-time frequency
regulation service to PJM Interconnection (PJM). The project will respond
almost instantly to the continually changing needs of the grid, allowing
PJM to deliver higher-quality reliable electrical service, at a lower cost,
to end users in the 13 states and the District of Columbia.
"By entering the well-structured and dynamic PJM energy storage market with
the Marengo Project, SGEM investors are providing long term commitments to
this fast growing asset infrastructure class," said Spillmann. "We look
forward to a continued long-term partnership with Leclanché as the Marengo
Project illustrates the Swiss company's technological expertise and its
innovative solutions in providing viable and competitive BESS, as well as
in managing the construction of the asset as the global engineering,
procurement and construction project contractor. The partnership's project
portfolio provide a high quality and diversified pipeline of energy storage
assets. We look forward to further growing our portfolio in the North
American market and looking into other projects worldwide."
"Battery storage projects can respond instantaneously to smooth out the
peaks and valleys in electric voltage, which allows grid operators to
provide a more stable supply of power while generating revenue for project
owners," commented Dan Foley, CEO and founder of GlidePath Power. "SGEM's
investment demonstrates European investors' growing interest in the
American energy storage market. Projects like Marengo will be critical to
maintain the stability of the electric grid as more renewables and
distributed generation come online."
"SGEM is the first independent investment firm to deploy dedicated capital
into this new infrastructure asset class and is paving the way to new
responsible equity investments. Leclanché is now focused on constructing
the project on cost and time" said Anil Srivastava, CEO of Leclanché.
# # #
About SGEM
SGEM is an independent owner and operator of energy storage assets based in
Switzerland. Driven by its long-term vision as an investor in energy
storage infrastructure, SGEM covers all the value-added activities from
final stage of project development, financing, construction supervision,
operations & maintenance. SGEM built strong cooperation with various
developers in selected markets and geographies to complete the validation
of their project technical and economic performance. These different
activities call on a range of capabilities, including industrial expertise
and financial innovation.
For more information visit: www.sgemgroup.com
About GlidePath
GlidePath Power is a leading greenfield developer that has the depth of
experience and understanding spanning the breadth of skills required to
develop financeable power projects, regardless of the technology. In less
than two years, GlidePath Power has demonstrated its ability to develop,
contract, and commercialize three battery storage projects, totalling 60MW,
or roughly 40% of PJMs installed capacity of battery storage projects.
GlidePath Power continues to develop advanced energy solutions across the
US, including 280MW of additional PJM battery storage projects.
For more information, visit: www.glidepath.net
About Leclanché
Leclanché is a fully vertically integrated battery energy storage solution
provider. It delivers a wide range of turnkey energy storage solutions for
homes, small offices, large industries, electricity grids, as well as
hybridization for mass transport systems such as bus fleets and ferries.
Leclanché offers a rich portfolio of Battery Energy Storage Systems (BESS)
comprised of bespoke battery systems from industry leading lithium-ion
solutions. Leclanché is listed on the Swiss stock exchange (SIX: LECN). For
more information, visit: www.leclanche.com
# # #
Media contact
media@sgemgroup.com
# # #
Disclaimer
This publication may contain certain forward-looking statements and
assessments or intentions concerning SGEM and its business. Such statements
involve certain risks, uncertainties and other factors which could cause
the actual results, financial condition, performance or achievements of the
Company to be materially different from those expressed or implied by such
statements. Readers should therefore not place reliance on these
statements, particularly not in connection with any contract or investment
decision. The Company disclaims any obligation to update these forward-
looking statements, assessments or intentions.
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Additional features:
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Document title: Kit
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516209 01.11.2016
EQS-News: Swiss Green Electricity Management Group, the independent owner and operator of energy storage assets globally, announces its first investment in US PJM Regulation Market
| Source: EQS Group AG