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ALTEO to build 5MW energy storage facility

Green Energy

Listed alternative energy company ALTEO said on Monday that it will build a 5 MW energy storage facility in the area of Kazincbarcika Heating Power Plant, according to a report by state news wire MTI.

In a statement published on the Budapest Stock Exchange the company said it has been granted a HUF 228 million EU grant and a HUF 250 mln reimbursable loan for the project.

The facility differs from current standard market solutions because in addition to high-performance batteries optimized for energy storage, batteries manufactured for electric cars will also be built into its system, the company said.

Research will focus on the development of a standardized energy management of batteries with various parameters. Results could open the way for additional use of batteries that are unable to perform adequately in other areas but still possess relevant capacity. They can contribute to turning the re-use of batteries of electric cars in electricity storage systems into a more developed process.

ALTEO Group has established its first 6 MW energy storage facility in Budapest in 2018.

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