ENGIE New Ventures invests in energy storage17/09/2015
After ENGIE's investment in Tendril, last February, ENGIE New Ventures announces a second deal in the U.S. with a $6 million investment in AMS, a California-based startup specialized in energy storage.
AMS landed one of the first and largest utility contracts for energy storage in the U.S. and is building 50 MW of B2B energy storage for Southern California Edison, a U.S. utility company, using Tesla energy storage systems. AMS expects its business to grow at a rapid pace in the four years to come. ENGIE will focus its full support to expand AMS solutions in the U.S. market and overseas.
"Renewable energy is taking a lead worldwide and with advanced energy storage technology we can both solve the problem of intermittency and make the grid more resilient” says Isabelle Kocher, COO at ENGIE.
Launched in May 2014, ENGIE New Ventures has so far invested in innovative companies for a total of €25 Million.