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NRG and Green Charge team up for energy storage for EV charging

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ev charging

lithium-ion battery

california

Energy storage

energy efficiency

NRG Energy’s subsidiary eVgo and energy storage company Green Charge Networks (GCN) have partnered for electric vehicle (EV) charging stations with integrated energy storage.

The Californian partnership is aimed to combine GCN’s energy storage systems (ESS) with eVgo’s DC fast charging installations. The ESS uses lithium-ion batteries and allows end-users to reduce consumption as well as to avoid high demand charges during peak times, according to GCN.

FuelCell Energy appoints NRG senior vice president to board of directors

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FuelCell Energy appoints Christopher Sotos

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Power-plant developer FuelCell Energy has added Christopher Sotos, senior vice president of strategy, mergers and acquisitions at power distributor NRG Energy, to its board of directors.

At US-based NRG Energy, Sotos is responsible for the development, execution and implementation of the company's business strategy across all platforms, retail and wholesale business models as well as smaller venture capital investments and strategic relationships.

He has over two decades of experience in corporate financial management and business strategy.

"His power generation industry experience and expertise in business strategy and financial management make him a valuable addition to the FuelCell Energy Board and the Company it serves," said Chip Bottone, chief executive officer at FuelCell Energy.

"FuelCell Energy provides one of the few clean distributed energy baseload solutions for customers. I look forward to actively contributing to the growth of FuelCell Energy and providing insight into fuel cell applications in the power markets,” said Sotos.

In August this year, NRG Energy bought $35m of FuelCell Energy shares and extended a $40m loan in order to enable FuelCell to invest in project development, project finance and working capital support. NRG Energu now owns 6% of the outstanding common stock of the Connecticut-based company.

NRG Energy invests $35m in FuelCell Energy

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US-based NRG Energy has bought $35m of FuelCell Energy shares and extended a $40m loan.

The investment enables power-plant developer FuelCell to invest in project development, project finance and working capital support.

“These agreements strengthen the Company’s liquidity position and are expected to accelerate deployment of multi-megawatt fuel cell projects in the U.S.,” said Chip Bottone, FuelCell’s chief executive officer.

FuelCell CFO Michael Bishop said the company aims to finish power plant projects in order to sell the fully operational power plants to long term investors.

“We believe that clean distributed power generation from fuel cells will be one of the key technologies that drive our country toward a cleaner energy future,” said Mauricio Gutierrez, NRG’s Energy chief operating officer.

NRG Energy now owns 6% of FuelCell. “We want to actively participate in the construction of FuelCell Energy power plants,” Gutierrez added. NRG Energy and FuelCell are working together to build combined heat and power projects. The terms of the equity transaction include a warrant giving NRG Energy the right to purchase an additional 2m shares for $3.35 each.

The investment follows a €4.9m ($6.6m) funding to FuelCell and partner Fraunhofer Institute for stationary fuel cell research, given by German government in July.