Glen Dimplex in €100m German electricity play - battery energy storage
GLEN Dimplex has partnered with Germany's largest energy company to launch a new business that wants to change the way electricity is used in the world.
Glen Dimplex chief executive Sean O'Driscoll said the technology they developed would disrupt the energy business as much as the phone disrupted the telecom industry.
According to industry insiders, Ireland's largest industrial manufacturer has invested about 30 euros into the joint venture, although Glen dimpu is reluctant to confirm this in exchange for a 25 pc stake.
Three other companies supporting the project read like a member of the German energy industry.
Network of MVV Energie, BayWa and Greencom.
It is believed that they have invested in the euro in the region together.
The joint venture, called BEEGY, is based in Mannheim, Germany.
Formally established on Friday.
The company was founded to launch new energy storage technology developed by Glen dimups at the headquarters of Co Louth Dunleer.
These are called quantum thermal heaters that allow families to store the energy generated by solar panels on the roof.
The home can then operate independently from commercial power-
Even sell energy back to the grid.
BEEGY will also provide families with the ability to remotely control energy use over the Internet and receive real-time
Time pricing for any electricity they buy.
The company has the potential to generate hundreds of millions of dollars in revenue, Mr.
Ordriscor said Glen dimes "wanted to" launch the same product in Ireland, but the government's policy on the issue was too backward.
He added that Germany is the most progressive country on Earth in terms of renewable energy.
After Japan's Fukushima nuclear reactor disaster in 2012, Japan promised to shut down all nuclear reactors by 2022.
Even though the country's 30 PCs of energy were from nuclear power.
The German government now invests about € 20 a year in wind and solar projects, and many homes have installed solar panels on their roofs.
However, it turns out that it is more difficult to use this energy and make a profit from it.
"There is a new type of homeowner who is emerging to produce and consume his own energy --
We call them "consumers"
Who can operate independently of the traditional power supply.
"They only use these traditional resources once in a while, just as mobile phone users occasionally use fixed phones," said audrikol . " He added: "What we are doing has never been done before.
"Glen dimes has made a big bet on the growing importance of renewable energy.
Over the past few years, it has spent 75 euros on R & D in the region.
It is not the only company connected to Ireland to try to navigate the wave of energy consumption change.
Last year, Google snapped up Nest for 3bn euros, and the company has built a device that allows users to control the heating remotely. Dundalk-
Climote-based companies have developed similar products and recently signed a major agreement with Scottish Power.
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