EIT InnoEnergy launches energy storage player Repono

EU sustainable energy investor EIT InnoEnergy on Thursday said it is launching a pan-European energy storage company called Repono with the ambition to capture a 10% share of an expected 1-TWh European market in 2030.

The new entity will focus on owning and operating large energy storage systems, using a replicable portfolio-based approach. Its goal is to deploy 100 GWh of storage to Europe’s power system by 2030 and help to accelerate the energy and industrial transition.

Alongside EIT InnoEnergy, Repono’s early backers include Schneider Electric, SIPLEC E.Leclerc, Stena Metall, Boryszew Group and NTM GmbH. The business has enough capitalisation for the first years of operation and has acquired BatteryLoop, providing it with energy storage systems in operation in the Nordics and 25 employees.

Repono will assist in handling the shift to decentralised and intermittent renewables by managing its storage capacities via short-term spot markets, providing balancing services to maintain grid stability and by integrating energy storage into power purchase agreements (PPAs) to ensure reliable green electricity supply for industrial companies.

InnoEnergy is supported by the European Institute of Innovation and Technology (EIT), a body of the EU. It has a portfolio of more than 200 companies and is the driving force behind three strategic initiatives: the European Battery Alliance (EBA), the European Green Hydrogen Acceleration Center (EGHAC), and the European Solar Photovoltaic Industry Alliance (ESIA).

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