Aurorean Energy Holding Ltd. concludes agreement on industrial cooperation and strategic investment in EnergyNest
First Chinese investor for Norwegian energy storage company; parties agree to collaborate to deliver innovative thermal energy storage solutions to Chinese market
Aurorean Energy Holding Ltd. is a young, dynamic Chinese company that develops power projects and invests in key technologies oriented towards the high-growth Chinese energy market. The company notably has a strategic orientation toward renewable energy generation and industrial energy efficiency projects. The Chinese power sector is currently undergoing significant change, which is creating tremendous interest for investment in technologies that help China reduce its carbon emissions from power generation and from industry, thereby helping the country reach its ambitious climate goals. It is expected that China will invest more than 365 billion USD in renewable and infrastructure over the next 3 years, which makes China a world leader in renewable energy investment.
EnergyNest has developed a new technology which makes it possible to store large quantities of thermal energy at a very low cost. The thermal energy storage (TES) technology is modular and can easily be scaled and customised to match the specific application that it is used for. It is therefore seen as highly relevant for the Chinese energy market, where a significant need to balance the power grid has emerged of the last years following an increasing penetration of renewable energy sources, notably from wind and solar power. It is also expected that energy-intensive industries – such as steel, chemicals, cement, glass, and other industries relying high-temperature manufacturing processes – will undergo further optimisation and be subject to additional energy efficiency measures.
The agreement was signed in Beijing by Thomas Jing, CEO of Aurorean Energy, and Prof. Pål G. Bergan, CTO and founder of EnergyNest on Friday, April 7, during the official signing ceremony of the governmental visit from China. EnergyNest was part of the impressive Norwegian delegation led by Prime Minister Erna Solberg. The company was present during delegation visits in Beijing and Shanghai. The first round of Chinese investment was 10 million NOK (1.17 million USD). Pål G. Bergan, CTO of EnergyNest, confirmed that “this investment gives a clear signal about the weight that Chinese state and market actors attribute to the increasing need for energy storage. Our game-changing technology is without doubt perfectly adapted for the Chinese market, as we are able to use locally available materials and can offer competencies which reduce costs and complexity. Our flexible technology will be able to address the energy efficiency challenge within the power and industrial sectors, which within a few years will require a scaling up of China’s energy storage capacity.”