SunEdison Buys Energy Storage Company as Renewables Strategy

SunEdison Buys Energy Storage Company as Renewables Strategy

Missouri-based solar panel maker SunEdison has purchased Solar Grid Storage, enabling the company to offer battery storage systems with solar and wind projects. The sales price was not disclosed.

SunEdison general manager Tim Derrick says the this acquisition gives his company the capability “to pair energy storage with solar and wind projects, thereby creating more valuable projects and positioning ourselves as a leader in the rapidly growing energy-storage market.”

Thomas Leyden, Solar Grid’s chief executive officer who will become SunEdison’s vice president of energy-storage deployment notes, “We’re being absorbed into this massive, global company. We’re excited. SunEdison has a bigger balance sheet, financing, and a global sales team.”

Solar Grid uses lithium-ion batteries in its systems, which can support projects as large as 10 megawatts. The company has also developed proprietary software that manages the storage system and connects it to the power grid.

SunEdison is also in the process of buying First Wind Holdings. Having ample storage for intermittent sources such as wind and solar enables utilities to blend more clean energy into their supply and better manage power grids.

Leyden told Philly.com that SunEdison was “looking for ways to accelerate their movement into storage. We were one of the companies that was actually able to get some projects on the ground based on a business model, not necessarily one-time pilot projects or grant projects. Our focus has been solar plus storage, but the bigger picture for the company is that we’re going to be looking at renewables plus storage—and even storage only when it makes sense.”

In October 2014 the US Department of Energy awarded Solar Grid a $968,120 grant to help increase distribution of solar storage systems.

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