The funding comes from a consortium that includes First Solar, Inc. (NASDAQ: FSLR), a global provider of solar energy solutions and Grupo ECOS, a sustainable investment-focused private equity firm. They join an undisclosed strategic lead investor. According to GTM Research, this is the largest investment in a technology independent energy storage provider in 2015.
“Utility-scale storage is an exciting new frontier for grid flexibility and modernization that can help to facilitate high penetration of renewables in certain circumstances. Younicos is a true trailblazer in grid-scale storage integration,” said Raffi Garabedian, First Solar’s Chief Technology Officer. “As the promise of storage continues to evolve, we are eager to understand how it will broaden our own power plant offerings. This is an important investment in continuing and potentially accelerating the shift of our energy landscape to renewables.”
Grupo ECOS Investment Manager, Ramon Candia, stated: “We see energy storage as a key market driver for renewables and an important and fast emerging asset class. Younicos is a leading and exciting investment opportunity in this sector. Our strong position and portfolio of renewable energy generation assets in Latin America can also provide an attractive business opportunity for Younicos’ services.”
James P. McDougall, CEO of Younicos, states, “We welcome our new investors and partners. Their investment and strategic cooperation commitment is the strongest possible testament to both the enormous potential of the energy storage market and the unique leadership position Younicos maintains within it.”