Eindhoven-based EIT InnoEnergy, an innovation engine for sustainable energy across Europe, announced on Wednesday that it has launched Repono, a pan-European company focused on owning and operating large energy storage systems (ESS).
Repono: Operating large energy storage systems
Repono’s portfolio-based approach will standardise and accelerate energy storage deployment throughout Europe to store gigawatt hours of excess renewable electricity.
This will curb power outages, lower energy prices, and enable a 24/7 clean energy supply.
In addition to EIT InnoEnergy, Repono’s early backers include Schneider Electric, SIPLEC E.Leclerc, Stena Metall, Boryszew Group and NTM GmbH.
With enough capitalisation for the first years of operation, Repono aims to capture a 10 per cent share of an anticipated 1-terawatt hour (TWh) European market in 2030.
Rasmus Bergstrom, CEO of Repono, says, “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, to 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.”
Repono directly addresses these challenges by operating in three key areas.
- To start with, Repono will manage its storage capacities strategically through short-term spot markets. It will keep a close eye on market fluctuations, enabling it to buy, charge, sell, and discharge at the appropriate time to shift excess production to times of high demand.
- Secondly, Repono’s balancing services will be crucial to maintaining grid stability and preventing large-scale blackouts.
- Thirdly, Repono will integrate energy storage into power purchase agreements (PPAs) between large independent power producers and industrial companies to ensure a reliable, 24/7 supply of decarbonised electricity.
Brief about EIT InnoEnergy
Founded in 2010 and supported by the European Institute of Innovation and Technology, EIT InnoEnergy is a central force in the energy transition, driving sustainable innovation with technology, business model expertise, and skills.
The firm supports innovations in energy storage, transport, renewables, efficiency, industries, smart grids, and sustainable urban development.
InnoEnergy boasts a portfolio of over 200 companies, projected to generate €110B in revenue and save 2.1G tonnes of CO2e by 2030. These companies have collectively raised over €9.7B in investment.
The organisation spearheads three strategic European initiatives: the European Battery Alliance (EBA), the European Green Hydrogen Acceleration Center (EGHAC), and the European Solar Photovoltaic Industry Alliance (ESIA).
InnoEnergy has screened over 7,000 startups, launched 300+ products, and facilitated 370+ patents. With an ecosystem of 1200+ partners and 35 shareholders, it operates across Europe and in Boston, US.
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