Energy Plug Technologies Corp. has successfully completed its acquisition of True North Battery Energy Storage Corp. This acquisition includes a Letter-of-Cooperation for the distribution of battery energy storage products from C-LiFE Technologies Inc., Taiwan’s leading Battery Energy Storage System (BESS) manufacturer. C-LiFE Technologies has been at the forefront of lithium iron phosphate battery cell research and development since 2009. They are known for their advanced battery energy storage systems and products related to electric vehicles.
To further expand its presence in the energy storage industry, computer hardware company ACER Inc. recently acquired 11% of C-LiFE shares, recognizing the vital role that energy storage plays in the future of renewable energy. This acquisition highlights the increasing importance of battery energy storage systems in the transition to clean energy sources such as solar and wind power.
In a significant development for Canada’s electric-vehicle supply chain, Canada and Volkswagen have committed over C$20 billion for a battery gigafactory in St. Thomas, Ontario. This investment, the largest ever in the country’s electric-vehicle supply chain, will see the construction of a plant with an investment of up to C$7 billion from Volkswagen. The Canadian government is also providing manufacturing tax credits and a grant to support this project.
In addition, Natural Resources Canada recently announced its partnership with the government of Ontario to build the largest battery storage project in the country. The 250-megawatt Oneida Energy storage project, developed in collaboration with various organizations, including the Six Nations of the Grand River Development Corporation and Northland Power, aims to strengthen Canada’s clean electricity grid.
The acquisition of True North allows Energy Plug Technologies to tap into C-LiFE’s expertise and market potential in battery energy storage systems. C-LiFE’s advanced solutions have gained global recognition, with top companies in Taiwan and Japan as their customers. They have been lauded for their lithium iron phosphate batteries’ safety, stability, rapid charging, and high discharge capabilities.
C-LiFE’s cutting-edge manufacturing facility in Taiwan significantly enhances Energy Plug Technologies’ ability to fulfill the battery needs of the North American market. The Green Energy Storage System, powered by C-LiFE’s STOBA technology, offers an innovative solution for battery energy storage. This technology extends battery life, enhances energy capacity, and provides integrated fire suppression systems within each module for maximum safety.
President and CEO of Energy Plug Technologies, Mr. Paul Dickson, expressed excitement for the partnership and highlighted the synergies between the two companies. Chairman of C-LiFE Technologies, Arthur Li, also expressed enthusiasm for the partnership, emphasizing their commitment to advancing battery energy storage solutions.
The acquisition of True North and collaboration with C-LiFE Technologies solidify Energy Plug Technologies’ position in the energy storage industry. With a focus on expanding the business of energy storage and EV charging systems, the company is actively pursuing customers in North and South America.
Source:
– Energy Plug Technologies Corp. Completes Acquisition of True North Battery Energy Storage Corp. (Newsfile).