Yaskawa invests in large-capacity kinetic energy storage company, Teraloop
Yaskawa Electric Corporation has completed a strategic investment in Helsinki-based Teraloop, a startup grid- and utility-scale kinetic energy storage company. This equity investment aims to help Teraloop accelerate the steps needed to bring its patent-pending storage solution to the market within the next two years. The financing will allow the prototype to be finalized for a complete simulation in commercial working conditions.
This latest equity investment supports Yaskawa’s continued focus to achieve its long-term “Vision 2025” business plan in its chosen Clean Power business area. For this, Yaskawa has a venture investment scheme that invests in new and upcoming innovative companies, such as Teraloop, which will further strengthen Yaskawa’s engagement in developing its international energy storage business.
Although global policies are driving the uptake of various renewable energy sources at a growth of 15% per annum, a power grid that relies solely on renewable energy is immensely challenged. Solar, wind and wave power are all highly dependent on fluctuating weather conditions.
Both Yaskawa and Teraloop are optimistic that Teraloop’s energy storage system could become the leading solution to provide reliable renewable energy to the grid. This would enable a crucial step towards a sustainable energy mix.
“This investment enables both companies to focus on developing core competences while providing strong and commercially viable energy storage solutions with better synergy together,” says Hiroyuki Ougi, Corporate Senior Vice President, General Manager, System Engineering Division of Yaskawa.
“Teraloop is delighted to have Yaskawa as an investor. As a company with a strong pedigree in mechatronics and a solid track record in working with new technology firms, Yaskawa brings knowledge and outreach to Teraloop’s development plans, and we will work together to commercialize our technology effectively,” says Edward Ridgway Watt, CEO of Teraloop.
“It is really very rewarding to see Yaskawa investing further in Finland. This is good proof that renewable energy and energy storage technologies are in line with the corporation’s growth plans,” says Jukka-Pekka Mäkinen, President and CEO of The Switch, another Yaskawa company, based in Finland.
The investment is part of Yaskawa’s start-up investment program that aims to create business synergies in Mechatronics, Clean Power and Humatronics, the main focus areas for “Vision 2025”. Further investments in start-up companies worldwide are currently being considered. These include companies with specializations and cutting-edge technologies in the fields of the Internet of Things (IoT), artificial intelligence, factory automation networking, as well as applications in next-generation robotics, energy savings and medical and welfare.
This press release is published in parallel with Yaskawa Europe. Further information can be found in Yaskawa Europe’s complete press release here.