NAVIHOME > NEWS > Industry News
Industry News
Engie exits storage business
TIME2021-04-22    VIEWNUM52    SOURCEPV-Magazine

By PV-Magazine-APRIL 22, 2021

Image: Engie EPS

French energy company Engie has sold its 60.5% stake in Italy-based storage specialist Engie EPS to Taiwan's largest cement company, Taiwan Cement Corporation (TCC), for around 132 million.

The sale of Engie's stake in Engie EPS SA is part of the group's strategy to simplify its business and focus on its core activities, stated Engie CEO Catherine MacGregor.

Announced in September, the new strategy is aimed at focusing on the company's expertise as a developer and owner of assets as well as as an integrator of solutions, rather than owning and developing energy storage technologies directly.

Following this sale, which is still subject to the usual regulatory approvals and authorizations, the company will however continue commercial partnerships with Engie EPS and other major storage solution providers on the market.

The operation will also reduce the French group's net financial debt by around 165 million and generate a capital gain of around 80 million.

TCC announced in early April a plan to invest NT$10 billion (US$352 million) in the construction of a battery factory in Kaohsiung, the largest city in southern Taiwan. The 1.8 GW facility will produce high-charge-discharge nickel lithium-ion ternary batteries, which the manufacturer described as super batteries.