SunEdison Inc. has acquired Solar Grid Storage LLC, a maker of energy storage and photovoltaic (PV) systems, in order to complement its existing solar and wind systems with renewable battery storage. Financial terms of the acquisition were not disclosed.
As a result of the acquisition, SunEdison will gain the energy storage project origination team, project pipeline and four operating storage projects from Solar Grid. Currently, SunEdison has 5 gigawatts of solar and wind assets and expects to see opportunities for growth of these systems by integrating energy battery storage into its global project development, the company said.
SunEdison said it will use the battery storage products combined with its solar and wind devices to target utilities, municipalities, businesses and consumers.
The move into energy storage follows SunEdison's recent move into renewable wind systems after it acquired First Wind in November.
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