Rosatom’s Storage Division Takes 49% Stake in Korean Energy Storage Firm

Rosatom’s Storage Division Takes 49% Stake in Korean Energy Storage Firm

RENERA LLC a part of Rosatom State Corporation, has concluded the deal to acquire a 49 percent share of Enertech International Inc, a South Korean manufacturer of electrodes, lithium-ion storage cells, and energy storage systems.

RENERA manufactures energy storage systems based on lithium-ion batteries for special equipment, telecommunications systems, uninterruptible power supplies, energy storage systems, electric transport, railways, and other areas.

The signed agreement also involves building a facility for producing lithium-ion cells and energy storage systems in Russia, with at least 2 GWh production capacity by 2030. The first stage of production is scheduled for 2025. Russian Lithium-ion batteries will be applied in electric vehicles (EVs), special equipment, and power grids.

Partnership with the Korean partner is a part of ROSATOM’s strategic development of non-nuclear businesses. Energy storage is an end-to-end technology in ROSATOM’s portfolio of new businesses.

Speaking of the partnership, President of TVEL Fuel Company, Natalia Nikipelova stated, “The alliance with the technological partner is a strategically important milestone for the development of Rosatom’s energy storage business. This will increase production capacity, significantly enhance our expertise and applications based on lithium-ion batteries and also facilitate access to foreign markets.

“In addition, local manufacturing content in Russia means not just new technologies and products, but also new jobs”, Natalia added.

The establishment of a world-class battery production enterprise in Russia would also become a landmark event for the national automotive industry, the company claims. The deal has been obeyed with the aim to reduce dependence on imports, associated commercial risks, and as the result, lower cost of the final products could become an incentive for production growth and widespread introduction of Russian-made electric transport.

According to Bloomberg forecasts, the annual demand for lithium-ion batteries in the next 10 years will grow 10 times and by 2031 will amount to more than 2,000 GWh.

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Bhoomika Singh

Bhoomika is a science graduate, with a strong interest in seeing how technology can impact the environment. She loves covering the intersection of technology, environment, and the positive impact it can have on the world accordingly.