Electricite de France said today that it plans to invest a whopping $9.93 billion in electricity storage by 2035.
“Electricity-storage technologies have a potential to radically change the energy sector,” said Chief Executive Jean-Bernard Levy.
The French utility company said on Tuesday that the planned investment would be used to develop an estimated 10 gigawatts of additional energy storage projects, or roughly twice the total amount of capacity it currently operates.
The utility said it would target energy storage projects in the European market, especially in France, but that it would also pursue opportunities in Africa, including battery storage and storage plus solar projects in Ghana and the Ivory Coast.
Over the next two years, EDF said it would use roughly one third of its investment in energy storage to acquiring projects and start-up companies focused on energy storage projects and grid applications. A portion of the investment – about $87 million – will also be used to support research and development activities in the energy storage space.
EDF owns a large fleet of nuclear reactors in France, which derives about 75% of its electricity from nuclear energy. France has 58 nuclear reactors operated by EDF, with a total capacity of 63.1 gigawatts.
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