Gransolar puts its E22 vanadium battery business on hold

Spanish renewable energy group Gransolar, 60% controlled by private equity firm Trilantic Europe since 2021, has put its E22 vanadium flow battery manufacturing unit on hold, sources close to the company have told pv magazine.

E22 has been merged and reintegrated into the group, said the sources, and the business unit “will be reactivated when it is time for vanadium.” Gransolar will reportedly continue to integrate and install lithium batteries in the projects it develops as an engineering, procurement, and construction (EPC) services provider, with its GRS division.

Energy Storage Solutions (E22) has been committed to a vertical integration model covering everything from the development and manufacture of vanadium flow batteries to the design and supply of inverters and energy management systems, as well as operation and maintenance of the sites.

The Gransolar business participated in a pilot project in Madrid that was the first geothermal heat pump-PV-flow battery hybrid system and also closed the sale of 440 MWh of energy storage capacity to Aquila Capital, in Australia. In 2022, E22’s storage division invoiced for almost €23.5 million ($25.5 million), thanks in part to EPC projects with lithium batteries.

Gransolar’s tracker manufacturing division, PVH, leads Spanish production of such products and was the world’s fourth biggest tracker company, by shipment volume, in 2023, according to analyst Wood Mackenzie.

From pv magazine España.