Keppel arm invests $67.76m in lithium-ion battery firm Envision AESC

They plan to introduce IoT-enabled storage devices that will boost the energy efficiency of smart buildings and grids.

Keppel’s ventures arm KepVenture (Keppel), has entered into an agreement with Envision Automotive Energy Supply Corporation (AESC) to invest $67.76m (US$50m) for a minority stake in lithium-ion battery company Envision AESC Group, an announcement revealed.

According to an announcement, the co-investment with Envision is in line with Keppel's efforts to deploy concepts in its solutions for sustainable urbanisation. "This investment in the EV battery business is part of our strategy to expand the Keppel Group's energy solutions with cleaner fuel sources and renewables,” Loh Chin Hua, CEO of Keppel Corporation, said in a statement.

Envision AESC Group recently completed the acquisition of AESC, a former venture between Nissan Motor Company (Nissan) and the NEC Group. It also acquired the entire share capital of NEC Energy Devices, a battery electrode manufacturing company owned by NEC Corporation.

Both Keppel and Envision are working to introduce IoT-enabled storage devices that can help smart buildings and smart grids to become more energy efficient. IoT-enabled batteries can help buildings realise cost savings through accurate monitoring and forecasting of energy consumption and peak shavings.

“These smart devices can also make grids more efficient by sensing and reporting outages and re-routing power around faults, thereby improving demand flexibility and lowering energy consumption and operating costs,” Keppel explained.

Apart from IoT-enabled batteries, Keppel and Envision are also exploring other potential areas of collaboration to create new solutions for smart cities, renewable energy, IoT-enabled townships and power generation, among others.