Brookfield’s X-Elio, NIC and Å Energi to invest in German battery storage

Brookfield-owned renewables firm X-Elio and Nature Infrastructure Capital (NIC) are investing in a German battery energy storage system (BESS) company alongside its co-owner Å Energi.

Spain-based X-Elio and NIC have formed a partnership with Å Energi Invest and other existing Eco Stor shareholders to invest a “substantial amount of capital” necessary to continue developing and constructing Eco Stor’s 6GW pipeline of utility-scale BESS projects.

Financial details were not disclosed.

The investment, which lifts X-Elio’s pipeline from 6.6GW to 12.6GW, marks the firm’s entry into the German storage market. The Brookfield-owned company already holds storage assets under operation or construction in US and Chile and fully permitted storage assets in Australia that are expected to start construction in 2024.

Lluís Noguera, CEO of X-Elio, said: “The capabilities and expertise of Eco Stor team are very complementary to X-Elio’s existing core competencies, and I am certain this acquisition will accelerate the potential of both companies in the rapidly evolving energy storage space.”

The deal represents NIC’s second investment in the German renewables sector in the last two years, following its acquisition of solar developer MaxSolar in 2022.

Jérôme Turcotte Routhier, managing partner of NIC, said: “We are very proud of the quality of the partners that are coming together in this investment. This is a demonstration of the common understanding of the need for flexibility in the German energy market, as well as the collective ambition to support the energy transition in partnership with local communities.”

Trygve Burchardt, CEO of Eco Stor, said the deal “will allow us to maintain our market leadership” and fuel further growth. 

He said: “Bringing together some of the most influential renewable energy investors in Europe gives Eco Sto the resources to accelerate energy storage adoption in Europe and thereby support our transformation toward renewable energy.”

Steffen Syvertsen, CEO of Å Energi, said: “Rooted in hydropower, Å Energi have accumulated domain knowledge in renewable power systems. Our in-depth expertise and activities across all parts of the energy value chain, make us know the value of energy storage better than most in Europe.

“Now, we’re applying these insights to the development of battery and technology. Since 2019, we have been at the forefront of advancing the Eco Stor technology, and we are delighted to welcome leading international investors on board. Their support empowers Eco Stor to play an even more pivotal role in accelerating Germany’s transition to renewable energy.”

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