Update: Chinese solar developer Solar Power, Inc. (SPI) has taken acquired a $33.4 million stake in U.S. energy management group ZBB Energy Corporation as part of a wide-ranging pact that includes a 40 MW supply agreement for energy storage systems over a four-year period.
The deal could lead to SPI owning up to a 54% stake in ZBB, according to Dilek Wagner, ZBB’s vice president of finance.
The companies estimate the value of the initial supply deal at between $80 million and $120 million, depending on the mix of storage applications and installation requirements.
ZBB said the strategic partnership created a solar industry powerhouse that would combine solar PV systems with energy storage and systems management solutions for utility, commercial and residential applications.
"In a short period of time, SPI has become a major global player in providing PV systems solutions and innovative renewable energy financing models, said ZBB Chairman Paul Koeppe. SPI has a strong, worldwide presence in the highest growth markets for our products. This agreement gives us immediate access to regions and countries where we lack a presence today, providing a major opportunity for ZBB to become a global leader in energy storage and energy management systems."
Koeppe added that ZBB expected the new partnership to completely change the paradigm at ZBB from development stage to a high growth manufacturing company."
The Wisconsin-based ZBB recently expanded its product portfolio to include dedicated commercial and industrial building focused solutions, which it said complimented SPI’s strength in addressing distributed generation (DG) system solutions. The company said SPI’s significant presence in utility-scale PV projects provided an excellent opportunity for its next-generation multi-megawatt-hour storage products.
"This partnership between SPI and ZBB Energy is all about accelerating global solar penetration through the marriage of solar plus storage," said SPI Chairman Xiaofeng Peng. "Energy storage systems are becoming vital to PV system expansion worldwide due to a number of factors, and we believe that ZBB’s leading technology will help SPI become an early-mover in capturing this huge global opportunity.