Vietnam Firm VinES Energy Solutions To Merge With Altinay Elektromobilite
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Vietnam Firm VinES Energy Solutions To Merge With Altinay Elektromobilite

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The 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 Altınay Elektromobilite, who shared his evaluations on the subject, said, “The cooperation between Altınay 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 Altınay 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.”

E. Mert Uygun, General Manager of Altınay Elektromobilite, stating that the market size can reach 100 thousand containers based on the application amount in EPDK and the fact that each container corresponds to an average installed energy capacity of 2 megawatts/hour in container-type energy storage systems, said, “Energy distribution companies, factories, production facilities, as well as many potential customers and investors, including Turkey, are planning to operate in this market. At this point, companies need such partner with enriched expertise in the field of energy storage, with which they will establish reliable technology partnerships. The infrastructure, which will respond to at least 10% of the total demand with initial investments, is expected to be commissioned in the next 2 years. These developments will support the development of the electric vehicle industry in the domestic market, which existing city grids cannot cater the simultaneous charging of many electric vehicles. With ESSs, energy pools will be created in certain regions and the grid infrastructure will be strengthened.”

E. Mert Uygun emphasised that they have been working on the electrification of heavy vehicles, high voltage battery packs, and container type battery systems for the past 12 years and that they are experts in the development and construction of energy storage systems based on various chemical derivatives of lithium ion cells. He concluded his evaluations with the following statements:

“Our first goal is to develop domestic technology in ESS and electric vehicle as the market leader. However, we believe that it is essential to establish strategic partnerships with global companies that are experts in their fields in order to enter the market with the right products. In our VinES cooperation, their technology and production advantages will strategically fits with our experienced domestic engineering to cover all ESS products, our market dominance and speed to facilitate field installations, commissioning and periodic maintenance. In addition, when we combine the expertise of VinES in unit cost optimization with the knowledge and experience of Altınay Elektromobilite, we are enabled to offer competitive solutions to the end user. Meeting the increasing energy storage needs of our country and taking it to a leading position in green energy transformation are among our priority goals."

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