53 MWh Second-Life Battery Storage
Element Energy's New Project in ERCOT
๐๐๐๐ฉ ๐๐๐ช๐๐๐ฉ ๐ข๐ฎ ๐๐ฉ๐ฉ๐๐ฃ๐ฉ๐๐ค๐ฃ? Element Energy energized a 53 MWh (the worldโs largest) second-life grid connected battery installation in ERCOT this week.
๐๐๐ฎ ๐๐ฉ ๐ข๐๐ฉ๐ฉ๐๐ง๐จ? The electric vehicle (EV) industry is providing multiple tailwinds for battery electric storage systems (BESS). Second-life battery applications, like Elementโs storage project, depend on โwasteโ from EVโs and illustrate post-production synergies between the technologies.
First-life battery projects also benefited as rising EV production has driven down battery costs for battery energy storage systems by enhancing economies of scale, spurring technological advancements, and strengthening the supply chain.
๐ฟ๐๐ฉ๐๐๐ก๐จ:
โขย ย Second-life batteries are lithium-ion batteries that, after serving their initial purposeโtypically in electric vehicles (EVs)โstill retain about 70-80% of their original capacity.
โข In November 2023 Element Energy raised $111 million in capital comprised of a $73 million Series B equity investment and a $38 million debt facility provided by Keyframe Capital Partners, L.P. Equity investors included: Cohort Ventures, Mitsubishi Heavy Industries, Drive Catalyst, FM Capital, AFW Partners, LG Technology Ventures, Edison International, Prelude Ventures, and Radar Partners.
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