Fluence, EGAT sign MoU to develop energy storage market in Thailand

Fluence Energy Inc (NASDAQ:FLNC) said on Wednesday it had signed a memorandum of understanding (MoU) with Thai state-owned utility Electricity Generating Authority of Thailand (EGAT) to develop the battery-based energy storage market in the Southeast Asian country.

Fluence and EGAT will aim to boost the energy storage deployment to support the increased integration of renewables into Thailand’s power grid, the storage specialist said.

“This engagement is a testament to the strong relationship between our organizations and provides a platform to identify energy storage opportunities in Thailand to help accelerate the country’s energy transition,” said Jan Teichmann, Fluence Senior Vice President and President, APAC.

Fluence’s press release cites a 2017 report by the International Renewable Energy Agency (IRENA) on Thailand’s renewables outlook, which states that the country runs a risk of depleting its existing oil and gas resources within the next decade considering current usage levels. Faced with rising energy demand and increasing reliance on energy imports, the Thai government raised the non-hydro renewables target from 20% to 30% by 2036.

As more renewables seep into the nation’s energy mix, energy storage will have an important role to play in stabilising and strengthening the future power grid, Fluence added.

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