GE Vernova and Our Next Energy sign term sheet to drive U.S. Battery Technology for energy storage

21 November 2023

GE Vernova and Our Next Energy Inc. (ONE) have signed a term sheet to collaborate towards advancing battery energy storage solutions in the United States using locally manufactured batteries.

The collaboration covers the supply of ONE’s battery modules containing U.S.-manufactured lithium iron phosphate (LFP) cells for GE Vernova’s Solar & Storage Solutions business projects across the country. With the integration of locally manufactured LFP batteries, GE Vernova and its customers will be able to take advantage of incentives offered by the Inflation Reduction Act (IRA) and Investment Tax Credits (ITC).

“Battery Energy Storage Systems (BESS) are vital for the renewable energy transition and grid stability. GE Vernova has deployed its FlexReservoirTM BESS systems globally. Now, in partnership with Our Next Energy, we’re bringing American-made batteries to power local communities, bolstering manufacturing and job growth,” said Prakash Chandra, CEO at GE Vernova’s Solar & Storage Solutions business. “This is a testament to the US’s leadership, fostering job creation and energy self-sufficiency, and investments in the energy sector.” When paired with renewable energy generation, energy storage solutions play a pivotal role in helping to ensure uninterrupted access to power throughout the day by storing produced excess energy and releasing it during periods of low generation or high demand. The U.S. stationary energy storage market is expected to grow at a rate of 11.4% through 2030, according to analysts at Bloomberg New Energy Finance.

“Storage is the key to stabilizing the grid. In addition, it unlocks 100% renewable energy to power factories, communities, hospitals, and data centers,” said Mujeeb Ijaz, founder and CEO at ONE. “As demand increases for energy storage systems, we are honored to play a role in helping GE Vernova and its customers transition the U.S. to more sustainable power sources by providing them with domestically produced batteries and cells,” he added.