| | APRIL 20239IN FOCUSVIETNAM FIRM VINES ENERGY SOLUTIONS TO MERGE WITH ALTINAY ELEKTROMOBILITEThe need for energy storage systems is also sparked by the fact that the switch to sustainable energy sources has gradually grown in importance over time. Turkish Energy Corporation Altnay worked with VinES Energy Solutions ("VinES"), a provider of transformative energy solutions that includes energy storage systems in Vietnam, in recognition of the growing significance of energy storage in the production of renewable energy.The significance of energy storage systems has gradually grown as the world explores decarbonization, net zero scenarios, and sustainable energy legislation. According to projections from the International Energy Agency, under a net zero scenario, the total installed capacity of container-type energy storage systems (ESS) might reach 680 gigawatt-hours (GWh) by 2030. While it is said that the annual increase in installed ESS capacity worldwide should be around 80GWh in order to meet the current demand, the increase is calculated as 42.5x between 2022 and 2030 according to these calculations. With a focus on R&D and manufacture of sophisticated batteries for mobility and energy storage applications, Altnay Elektromobilite collaborated with VinES, a division of Vietnam's largest private conglomerate Vingroup, in response to the global transition and local market need.E. Mert Uygun, General Manager of Altinay Elektromobilite, who shared his evaluations on the subject, said, "The cooperation between Altinay and VinES will bring a lot to our country, where the demand for energy and production is increasing. With this cooperation, we aim to bring the domestic investors in the sector altogether with the right products and competitive prices".Sharing about the partnership, Mr. Vo Le Duy Duc, Strategy Director of VinES said: "With the rapid development of technology, renewable energy sources are becoming increasingly competitive with conventional fossil fuel power sources. However, the challenge for the industry lies in efficiently storing, transmitting, and distributing clean energy. ESS will play a critical role in the transition to clean energy. VinES has developed and offered a key solution to address this problem. We are pleased to partner with Altinay Elektromobilite and believe that our strategic collaboration will strongly accelerate both companies in bringing the right products and solutions to the Turkish clean power industry".Data from the Energy Market Regulatory Authority ("EPDK") show that as of January 2023, Turkey had 200GWh worth of applications for energy generation and storage. The rapid growth signals in the energy storage market are a result of the accelerated development of sustainable systems like solar power plants (GES) and wind power plants (RES), the electrification of automobiles, and the rising demand for energy storage needed to support facilities and grid infrastructure.Stating that they want to take their place in the energy storage market, which is expected to experience unprecedented growth, and to be positioned as a reliable business partner for domestic investors, E. Mert Uygun said, "In this context, we are going into strategic cooperation with VinES, a global transformative energy solution provider with diverse product portfolio. VinES will offer the technology, system design, production and verification of the ESS, and we will undertake the sales and marketing of the VinES ESS product portfolio, as well as after-sales services in Turkish market".
< Page 8 | Page 10 >