Spain’s largest oil and gas company, Repsol, has invested in Spanish battery startup Ampere Energy, in a move to emulate industry peers taking positions in clean energy technologies.
Madrid-based Repsol this month put an unspecified amount into Ampere, a residential energy storage player from Valencia with a presence in Spain, Portugal, Italy, Ireland, Benelux and the U.K.
The deal gives Repsol a seat on Ampere’s board and provides Ampere with access to Repsol’s Technology Lab research and development center. Ampere Energy CEO Ignacio Osorio said Repsol’s backing would help the company “undertake ambitious growth plans.”
Ampere has developed a virtual power plant technology called Amperia that it said could be used to tie together distributed energy storage assets. It is unclear if this aggregation capability extends to third-party batteries or is limited to Ampere’s own battery systems, which the company says use artificial intelligence to adapt to user requirements.
The investment comes as Repsol undergoes a major corporate repositioning. In common with other European oil and gas majors, the Spanish giant is keen to reinvent itself as a diversified energy company.
Last November it paid €733 million ($826 million) for almost 2.4 gigawatts of low-emission generation capacity plus a portfolio of 750,000 residential grid customers from the Cantabria-based electricity supplier Viesgo.
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