Nidec Corp. said its investment in Gore Street Energy will give the Japanese company “guaranteed participation” in the energy storage system market. (Source: Shutterstock)
Japan’s Nidec Corp. will complete a 15.8 million GBP (US$20.12 million) investment in Gore Street Energy Storage Fund Plc (GSF) through subsidiary Nidec Motor Corp. on Dec. 19, the company said.
The strategic partnership will give Nidec “guaranteed participation” in the rapidly-growing energy storage system market with GSF, an existing customer of the company, according to a press release.
GSF’s future battery energy storage systems include 360 megawatts (MW) of projects the British company has announced over the next five years. Nidec has a significant presence in Europe’s battery energy storage systems (BESS) market, with 2,725 MW installed as of the first half of fiscal year 2023. GSF plans to expand its business outside of Europe.
GSF is also strengthening its portfolio, targeting markets around the world outside of its current Europe-oriented portfolio, aligning with Nidec’s strategy.
Nidec said the transaction is expected to have no significant impact on the company’s consolidated financial performance for the fiscal year ending March 31, 2024. If necessary, the company will make additional disclosures in accordance with the rules of the Tokyo Stock Exchange upon determination of further details.
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