Germany’s top utility E.ON and South Korea’s Samsung SDI have signed up to a partnership in the field of energy storage.
The two groups have signed a memorandum of understanding as they look to exploit a boom in battery demand following Tesla’s push into the market.
The MoU aims to develop “profitable energy storage solutions and… to assess and develop a potential business model for targeting applications for Lithium-Ion batteries in selected regions and markets”, E.ON said in a statement on Wednesday.
Traditional power groups are therefore exploring how to make money by helping customers use less and store more energy, in a bid to tap new revenue streams following the demise of conventional fossil-fuel based power generation.
As part of the agreement, E.ON and Samsung SDI will run battery projects in the United States, Germany, Britain and the Czech Republic and aim to expand these to other countries.
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