ReNu to pick up 20% of Australian battery company Vaulta
- ReNu Energy to invest in a company producing weld-free casings for Battery Energy Storage Systems
- BESS assets are a key part of renewable energy initiatives given they can store grid-scale volumes of solar and wind power overnight or for days at a time
- ReNu to place a Non-Executive Director onto the board of Vaulta
ReNu Energy (ASX:RNE) will invest $1m in stages to Australian battery technology company Vaulta to acquire up to 20% interest in the latter.
Vaulta develops a battery casing technology for Battery Energy Storage Systems (BESSies), which are ultimately grid-scale electric batteries charging and storing power at megawatt (MW) scale.
A number of BESSies exist already in Australia, including Victoria’s Big Battery (VBB).
BESSies are a crucial component of renewable power plants, given excess solar power can be stored and dispatched overnight until the sun rises again. The same is true for wind turbines and shifting wind dynamics.
What does Vaulta make?
Vaulta ultimately markets a no-weld casing solution for BESS assets and the company is revenue generating, ReNu states.
The company expects to scale demand for its products both onshore and overseas during the 2023 calendar year.
The implication of a no weld casing system for BESS assets has two sides to it. Not only would installation be easy, but so would removal.
When the VBB’s Tesla Megpack setup caught fire in 2021, the fires burned for days, due in part to the casing surrounding the battery encapsulating the flames.
Green investment portfolio
ReNu appears more focused, however, on waste mitigation potential.
ReNu, developing a portfolio of green hydrogen projects, including a Memorandum of Understanding (MOU) with Tasmania Airport, has recently begun investing in a range of green tech players, including power retailer Enosi.
Once ReNu has invested $500,000 into Vaulta, it will install a Non-Executive Director onto the board of Vaulta.
“Like us, ReNu Energy believes batteries will have an important role in a renewable energy future…Vaulta’s patented casing [is] designed for battery repair, re-use and recycling, leading to less landfill,” Vaulta chief Dominic Spooner said.
ReNu chief Greg Watson says his company’s investment into Vaulta will allow the latter to scale up its marketing.
“Our investment will provide Vaulta the capital required to scale its manufacturing capability and expand domestic and offshore sales,” Watson commented.
“We see tremendous potential in Vaulta’s battery casing technology as the world looks to ways to reduce battery waste.”
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