Fluidic Energy receives $20 million investment from Asia Climate Partners
Written By: Stratton Report
November 28, 2016
On November 28, Fluidic Energy announced a $20 million investment from Asia Climate Partners.
According to Fluidic, ACP—a private equity fund targeted at clean energy and environmental investments in the Asia-Pacific region–is a joint venture between the Asian Development Bank, ORIX and Robeco.
Fluidic stressed that ACP hopes to expand the firm’s energy storage technology to promote the use of renewable energy and reduce the use of diesel gensets across Southeast Asia.
Duarte Da Silva, Managing Director, ACP noted:
“Energy storage is a key enabler of widespread decentralized renewable energy generation and we see enormous potential in our core countries like India, Indonesia and the Philippines, that have high penetration of diesel generation and low electrification rates. Fluidic has achieved a substantial track record in long-duration storage solutions, with over 100,000 batteries installed in telecom backup power, rural electrification, and micro grid applications globally since 2011, and we are honored to join a prestigious group of investors in supporting Fluidic’s further growth in Asia. We are excited about this investment for many reasons, including: commercial traction of Fluidic’s product and its proven ability to deliver in diverse environments and harsh conditions; competitive position in its target markets; and the team’s commitment to high environmental standards and improving lives through its business offering.”
According to Fluidic Energy, the firm has been manufacturing its energy storage systems in Indonesia since 2011 and supplying its systems to both telecom and rural electrification applications. In one of the company’s recent projects, Fluidic deployed more than 22-MWhs of energy storage to 96 PV- and energy storage-powered rural electrification projects providing energy to more than 110,000 people.
Steve Scharnhorst, CEO of Fluidic Energy remarked: “Although we were founded in the U.S. and offer solutions for markets such as telecom, grid firming, and critical power, we immediately recognized the positive impact we could have in the Asia-Pacific region. We focused much of our commercialization strategy on Asia for the first several years simply because there was a problem that we knew we could help fix.”