- Rosatom has acquired a 49 per cent stake in South Korea-based lithium-ion battery manufacturer Enertech.
- This deal will see the construction of a 2 GWh energy storage systems manufacturing facility in Russia by the end of the decade.
- Rosatom has also noted that the new facility will create new jobs and increase local manufacturing content.
Russian state-owned Nuclear Energy company Rosatom has acquired a 49 per cent stake in South Korea-based lithium-ion battery manufacturer Enertech International. According to Rosatom, the agreement includes constructing a 2 GWh energy storage systems manufacturing facility in Russia by 2030. However, the company confirmed that the first stage of production would commence in 2025. “Lithium-ion batteries made in Russia will be applied in electric vehicles (buses and cars), special equipment and in power grids,” said Rosatom.
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Rosatom has also noted that the new facility will create new jobs, increase local manufacturing content and enable new technology integration. Rosatom last October set up a subsidiary, TVEL Fuel Company (TVEL), for its foray into the energy storage sector. Although Rosatom has been manufacturing energy storage systems since 2018, TVEL will serve as a special vehicle to enable the company to enter the global energy storage market. TVEL currently produces module-type lithium-ion traction batteries for electric vehicles and energy storage systems for emergency power supplies, renewable energy resources, and load demand stabilisation.
Rosatom currently generates about 20 per cent of 20 per cent electricity via its nuclear power plants.