United Kingdom-based energy storage company Mega Amps announced on 29 June that it will be offering energy storage as a service, with lease agreements up to 15 years. The company has a research and development facility in Cape Town, South Africa, and the country will be one of its focus areas. The model will see storage systems offered to customers without any upfront payment.
“At as low as $0.08/kWh, the zero [capital expenditure] upfront [model] could quite literally be the best energy storage value proposition on earth”, Mega Amps board member Neill Human said. “This isn’t a one-size-fits-all approach and a closed club. We are actively engaging funding partners from all sectors who see the benefits of diversification in their own portfolios.”
Mega Amps provides energy storage for commercial and industrial projects, independent power producers, utilities, and mines. The company said that it is finalising details for additional investor funding. It aims to partner with existing brands in the battery industry to facilitate large-scale manufacturing of storage systems.
Mega Amps’ South African licensee Elektron Energy was awarded a grant from Eureka Eurostars in July last year and is supported by the country’s Department of Science and Technology. Elektron Energy is working on a new generation of bi-polar batteries, which the company hopes will be more cost efficient than lead acid batteries to manufacture and recycle.
Africa Investment Exchange: Power Update Webinar
ENABLING POWER PROJECT DEVELOPMENT IN AFRICA
13h00-15h00 GMT+1, 7 July 2020
This fourth webinar will provide an update on the tariff renegotiations under way in several African markets as well as discuss the impact of covid on current and future project agreements.
Established in 2013, the Africa Investment Exchanges (AIX) have become one of the meeting places of choice for Africa’s energy sector stakeholders.
We have taken the AIX meetings online during the Covid-19 disruption but the events will continue to be held under the Chatham House Rule and structured round panel led discussions to facilitate open discussion.
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