EIT InnoEnergy has launched Repono, a pan-European energy storage systems company that aims to operate 100GWh of electricity by 2030.
In a move set to transform the landscape of European energy storage, Repono aims to standardise and accelerate the deployment of large-scale energy storage systems across Europe, promising to store gigawatt hours of excess renewable electricity and mitigate the risk of power outages.
Repono will apply a portfolio-based approach that can be replicated across regions, helping to level out energy prices and provide a balanced, 24/7 supply of clean electricity.
Diego Pavia, CEO of EIT InnoEnergy, commented: “The debut of Repono is another proof of EIT InnoEnergy’s strong commitment to trailblaze the energy transition.
“From day one, Repono will be embedded in the world’s largest sustainable energy ecosystem of 1200+ partners from industry, finance, research, and academia, have access to our 46+ investments in the energy storage sector as well as to the 800+ members of the European Battery Alliance.
“These unique starting conditions will greatly de-risk Repono’s business and enable the company to quickly replicate projects across Europe, doing its bit to accelerate the energy and industrial transition.”
Addressing Europe’s renewable energy targets
To meet the European Commission’s ambitious goal of cutting greenhouse gas emissions by 55% by 2030, Member States are mandated to achieve a minimum renewable electricity share of 42.5%.
This necessitates the rapid deployment of large-scale electricity storage solutions to accommodate the economy’s increasing electrification and the growing share of renewables.
Rasmus Bergstrom, CEO of Repono, explained: “Europe’s electricity system and grid were built for a steady feed-in of dispatchable energy sources, not to handle the massive influx of decentralised and intermittent renewables.
“Hence, Europe’s forceful shift away from coal, oil and gas puts our longstanding energy infrastructure under immense stress, leading to frequent curtailments of cheap, clean energy, volatile and unnecessarily high prices, and power outages.
“This puts a brake on the energy transition at large when we, as a society, have everything but the luxury of time. This is exactly where Repono steps in.”
Meeting the growing demand for energy storage
With a vision to capture a significant market share, Repono sets its sights on a 10% stake in the anticipated 1-terawatt hour (TWh) European market by 2030.
Its early backers include industry giants such as Schneider Electric, SIPLEC E.Leclerc, Stena Metall, Boryszew Group, and NTM GmbH, providing the necessary capitalisation for its initial operations.
Repono’s strategy encompasses three key areas. Firstly, it will leverage short-term spot markets to strategically manage its storage capacities, ensuring optimal utilisation by buying, charging, selling, and discharging electricity according to market fluctuations.
Secondly, its balancing services will play a critical role in maintaining grid stability and averting large-scale blackouts.
Lastly, Repono will integrate energy storage systems into power purchase agreements (PPAs), ensuring a reliable, 24/7 decarbonised electricity supply for industrial consumers.
Following its acquisition of BatteryLoop, Repono already boasts operational energy storage systems in the Nordics.
With a team of 25 highly skilled employees, Repono is poised to revolutionise energy storage practices across Europe.
