German storage firm Qinous signs battery finance agreement with Bluetech

German battery storage integration firm Qinous has announced today the creation of a cooperation agreement with Bluetech Financing Solutions that will target the rollout of battery storage solutions in a handful of targeted markets.

Qinous will offer its stanadardized plug-and-play batteries and software to commercial, industrial and public service customers in Australia, Gulf Cooperation Council (GCC) countries of the Middle East, and the Pacific Islands.

Project financing and development services will be provided by Bluetech Financing to these same clients, with the aim being to reduce upfront costs to facilitate wider and swifter adoption of storage solutions in these key growing, island and off-grid markets for solar PV.

Qinous has targeted those nations most severely affected by climate change, particularly those that have to rely on expensive diesel to provide back-up – or often a main source of – power. According to Qinous, the cost of producing electricity in island nations regularly exceeds $0.40/kWh, and can rise about $1/kWh once storage, O&M and transport costs are factored in.

"We see islands as one of the key opportunities to save on emissions and costs," said Blutech’s Adam Hammond. "However, there are many other off-grid locations where utilities are running diesel for remote communities. Wherever diesel is involved, the payback of installing solar PV and energy storage is usually very fast."

Qinous’ George Hanna added that such locations can benefit from smart financing packages for storage from day one, and by targeting these regions the technology – and the financial innovations that support it – can establish a solid foundation that will support global growth.