Genplus welcomes strategic investor TES
GenPlus, Press Release, 4th May 2020 at 10:00 PM Singapore Time
SINGAPORE (4 May 2020) – Genplus welcomes TES on board today as a strategic investor to further our pursuit towards our mission: “Powering a Sustainable Future”. TES is a global industry leader in IT Lifecycle and recycling and had recently focused on battery recycling technology. Having invested $25 million in a purpose-built lithium battery recycling facility in Singapore and the recent acquisition of Recupyl in Grenoble, France, a TES-Genplus partnership brings together industry leaders for the first time. The powerful synergy further extends the lifecycle of retired electric vehicle (EV) batteries, giving them a second life for a sustainable future.
“Today, Genplus officially launches a new business venture where retired EV batteries are evaluated for operational safety and repurposed into second life, energy storage systems for grid-tied and off-grid applications,” said Genplus Managing Director, Lim Ming Chiat. “Such systems with optimally connected second life battery cells to store electricity are a viable power alternative for green energy plants, remote off-grid power, and Base Transmit Stations, among other applications. With second-life batteries, the carbon footprint for energy storage decreases further, maximises value and bring us closer to a sustainable future that our future generation can continue to enjoy.”
Gary Steele, TES’s Group CEO commented, “By 2030, there will be over 6 million EV battery packs retired each year. The combination of this volume and capacity constrained, global ESS processing infrastructure, gives TES opportunities to develop a true closed-loop solution for these batteries. We are delighted to work with Genplus’s management team, leverage their engineering strength and experience to help TES fill that gap.”
“The need for energy storage will continue to grow as the world venture into more efficient transportation and renewable energy generation such as solar and wind that is intermittent. This strategic investment from TES positions Genplus as a leader in the energy storage market with second-life batteries. We also benefit from having a reliable partner that will help us close the loop in battery technology and advance our vision towards a sustainable future.”
To read more about TES, please click on the following link.