Spanish oil company Repsol has purchased an undisclosed stake in Valencia-based manufacturer of residential battery systems, Ampere Energy.
Repsol will take a seat on Ampere’s board, but financial details of the transaction have not been revealed.
However, Ampere said the deal includes “a technological collaboration agreement… through which synergies will be generated in different projects and innovative initiatives will be developed in the field of energy storage and management”.
Ampere CEO Ignacio Osorio said Repsol’s investment was “an acknowledgement of the technological value of Ampere and brought fresh impetus to undertake ambitious growth plans”.
This announcement sees Repsol following in the footsteps of Shell— which recently acquired German battery storage firm Sonnen and UK virtual battery systems operating firm Limejump— as traditional fossil fuel firms make moves into the burgeoning energy storage market.
Ampere Energy designs develops and manufactures lithium-ion energy battery systems equipped with artificial intelligence.
The information contained in this article and provided by VanadiumCorp is sourced from third-party content in the public domain and is for general information purposes only, with no representation, guarantees of completeness, warranty of any kind, express or implied regarding the accuracy, adequacy, validity, availability, completeness, usefulness or timeliness of any information contained within. Please also excuse any syntax as authors and reposted articles are sourced from global origins. UNDER NO CIRCUMSTANCE SHALL WE HAVE LIABILITY TO YOU FOR ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USE OF THIS REPOSTED ARTICLE. THE USE OF THIS ARTICLE AND YOUR RELIANCE ON ANY INFORMATION CONTAINED HEREIN IS SOLELY AT YOUR OWN RISK. VANADIUMCORP ALSO ASSUMES NO RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS IN THE CONTENT OF THIS ARTICLE.