Chemical giant Stavian invests $22 mln in manufacturing battery energy storage system

00:00 | 29/01/2025InvestmentFollow Ven.vn on
Vietnam’s chemical giant Stavian Group will invest $22 million in making battery energy storage system (BESS), in order to promote green and clean energy development and sustainable energy industrialization in the country.

Stavian Energy Solutions and Stavian Industrial Park, two units of Stavian Group, have signed a deal for the former to lease infrastructure of the latter to manufacture BESS, electric vehicle charging equipment, and electric cables.

The $22 million investment, as phase 1 of the project, will cover over five hectares at the Stavian Complex, the northern province of Hung Yen.

Executive of Stavian Group and Juhang Energy Technology sign an infrastructure lease agreement on January 23, 2025. Photo courtesy of Stavian.

The project is set to launch its first products by the end of Q3/2025, serving the domestic market and aiming for exports to Asia-Pacific and Middle East countries.

The BESS project is expected to help the environment equivalent to reducing 27.9 million tons of carbon dioxide emissions, cutting 12.7 million tons of fossil fuels, and planting 1.23 billion trees. It can also reduce energy costs for businesses.

The deal followed a joint venture agreement between Stavian Energy Solutions and Singapore's Juhang Energy Technology for manufacturing BESS, signed in October 2024.

BESS system is a device that helps regulate the power grid for renewable energy projects and microgrid systems in factories or industrial zones. The system also allows manufacturing, hospitality, and trade businesses to reduce energy costs by charging and discharging between low, medium, and peak hours.

According to the Institute of Energy under the Ministry of Industry and Trade, Vietnam’s power system needs BESS at both renewable energy generators and the national power grid.

Source: Theinvestor
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