LDES is capable of storage ranging from between eight hours and a few weeks; the technology also allows for seasonal flexibility, intraday and multi day options.
In exchange for granting NBS exclusive access to Kibo Energy’s strategic capabilities and capacity, the renewable energy development company will acquire a 51% interest in NBS and will also appoint three directors to its board, while Hasta Trust will appoint two directors.
The agreement – which follows the recent finalization of a framework agreement with energy storage company CellCube to develop LDES solutions in southern Africa – is considered a major step by Kibo Energy to integrate LDES projects into its commercial project pipeline.
“We are pleased to have entered into this agreement with Hasta, which aligns perfectly with the company’s strategy to become a significant presence in the long-duration energy storage market and sets up an additional potential revenue stream for Kibo,” stated Louis Coetzee, CEO of Kibo Energy.
The projects deployed by Kibo Energy will service select business and industry sectors in South Africa that are currently being severely impacted by loadshedding – a system of rationing electricity – currently being implemented by the country’s national utility, Eskom.