EIT InnoEnergy has announced the launch of Repono, a pan-European company focused on owning and operating large energy storage systems (ESS). Repono will be able to standardize and accelerate how these systems are deployed across Europe to store gigawatt-hours of excess renewable electricity, reduce the risk of power outages, stabilize energy prices and enable a balanced supply with clean energy 24/7. In addition to EIT InnoEnergy, Repono’s early funders include Schneider Electric, SIPLEC E.Leclerc, Stena Metall, Boryszew Group and NTM GmbH. With sufficient capitalization for the first years of operation, Repono aims to capture a 10% share of a European market of 1 terawatt-hour (TWh) anticipated for 2030.
“Europe’s electricity system and grid was built for a constant supply of in-band energy sources, not to cope with a massive influx of decentralized and intermittent renewables. Europe’s forced move away from coal, oil and natural gas is therefore putting our long-standing energy infrastructure under immense pressure, leading to frequent shortages of cheap and clean energy, volatile and unnecessarily high prices and power outages. energy. This is stalling the energy transition in general, where we as a society have everything but don’t have the luxury of time. This is exactly where Repono comes in,” said Rasmus Bergstrom, CEO of Repono.
Repono directly addresses these challenges by acting in three key areas. First, it will strategically manage its storage capacities through short-term spot markets. Repono will monitor market fluctuations, which will allow it to buy, load, sell and unload at the right time, with the aim of shifting excess production to periods of additional demand. Second, the balancing services provided by Repono will be critical to maintaining grid stability and preventing large-scale blackouts. Finally, by integrating energy storage into power purchase agreements (PPAs) between large independent power producers and industrial companies, Repono will help ensure a reliable supply of decarbonized electricity.
“The debut of Repono is another proof of EIT InnoEnergy’s strong commitment to pave the way for the energy transition. From day one, Repono will be integrated into the world’s largest sustainable energy ecosystem, consisting of more than 1200 partners from industry, finance, research and academia, will have access to our more than 46 investments in the energy storage sector , as well as to the more than 800 members of the European Battery Alliance. These unique start-up conditions will greatly de-risk Repono’s business and allow the company to rapidly replicate projects across Europe, contributing to the acceleration of the energy and industrial transition,” added Marcin Wasilewski, CEO at EIT InnoEnergy Central Europe.
Following the acquisition of BatteryLoop, Repono already has energy storage systems in operation in the Nordic countries and has a team of 25 employees.