ReNew Power Announces New Affiliate Relationship with Precourt Energy Institute’s “StorageX Initiative” for the Development of New Energy Storage System Technologies
– Stanford’s StorageX initiative leverages the resources of industry partners to help overcome real-world barriers to energy storage. – The collaboration will initially focus on the performance of large-scale batteries in India. – The collaboration will help ReNew to optimize its storage solutions.
ReNew Power (“ReNew†or “the Companyâ€), India’s leading renewable energy company, today announced a collaboration agreement with the Precourt Institute for Energy at Stanford University and its StorageX initiative (“StorageX “). StorageX is an academic-industry-government initiative that aims to solve the most pressing real-world battery storage challenges. ReNew’s collaboration with StorageX will initially focus on the challenges of grid-level battery usage and performance in India, with the goal of optimizing the performance of storage assets and ultimately improving the performance of storage assets. ensure a stable and firm power supply to the network.
ReNew will participate in StorageX through the Stanford Energy Corporate Affiliate (SECA) program, which facilitates interactions between organizations and Stanford faculty and graduate students on all energy-related topics. Through its membership in the SECA program, ReNew will have access to world-class research and collaborative research, education and training opportunities.
Speaking about the affiliation, ReNew Power Founder, President and CEO, Mr. Sumant Sinha said, “Collaboration with Stanford’s StorageX initiative will broaden ReNew’s vision and help us quickly recognize promising new technologies. . Reliable renewable energy production in India is critical to meeting the government’s goal of bringing 450 gigawatts of renewable energy online by 2030. ReNew is proud to work with Stanford’s Precourt Institute for Energy to ensure that Economical and efficient energy storage technologies are becoming essential to reduce the intermittency of renewable energy in countries around the world. “
Grid-scale battery storage has become a key catalyst in solidifying India’s long-term plans for firm and reliable electricity from grid-integrated renewable sources. The ability to deliver reliable energy from renewable sources during peak and off-peak hours is essential to the plans of electric utilities to meet renewable energy purchase obligations.
Recognizing this growing importance, in January 2020, ReNew bid on and won India’s first auction for renewable energy production combined with energy storage for guaranteed peak power capacity. The 300 MW project was awarded by the Solar Energy Corporation of India.
In addition, ReNew also won a tender to provide 400 MW of electricity “24 hours a day” from renewable sources. The tender, held in May 2020, was India’s first to require reliable “24-hour” electricity production from renewable sources. This project will use a combination of wind and solar renewable power generation assets, as well as storage technology, to provide 80% annual capacity utilization – roughly double that of renewable power generation projects. regular.
About ReNew Power
ReNew Power Private Limited is India’s leading independent renewable power producer (IPP) in terms of capacity and the world’s 13th renewable power IPP in terms of operational capacity. ReNew develops, builds, owns and operates utility scale wind power projects, utility scale solar power projects, utility scale corporate electricity projects public and distributed solar energy projects. As of March 31, 2021, ReNew Power had a total capacity of nearly 10 GW of wind and solar power projects across India, including projects commissioned and committed. ReNew has a strong track record of organic and inorganic growth. ReNew’s current shareholder group includes several well-known investors including Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, GEF SACEF and JERA.
As previously announced, ReNew has entered into a definitive agreement for a business combination with RMG Acquisition Corporation II (NASDAQ: RMGB), a publicly traded Special Purpose Acquisition Company (SPAC), which would make ReNew a publicly traded company. stock Exchange. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the second quarter of 2021.
For more information, please visit: www.renewpower.in; Follow ReNew Power on Twitter @ReNew_Power
