General Electric Co's planned spin-off, GE Vernova, has entered into a term sheet with Michigan-based energy storage technology specialist Our Next Energy Inc (ONE) to advance the deployment of American-made batteries in projects across the United States.
The collaboration will see the integration of ONE's domestically manufactured lithium iron phosphate (LFP) battery modules and cells into GE Vernova's Solar & Storage Solutions business projects nationwide, as outlined in a joint statement released by the companies on Thursday.
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Through the use of locally produced LFP batteries, GE Vernova and its clientele stand to benefit from incentives provided under the Inflation Reduction Act (IRA) and Investment Tax Credits (ITC), according to the joint statement.
Prakash Chandra, CEO of GE Vernova's Solar & Storage Solutions business, emphasized the critical role of Battery Energy Storage Systems (BESS) in facilitating the renewable energy transition and ensuring grid stability. Chandra stated, “GE Vernova has deployed its FlexReservoir BESS systems globally. Now, in partnership with Our Next Energy, we're bringing American-made batteries to power local communities, bolstering manufacturing and job growth.”
The collaboration signifies a concerted effort to contribute to the renewable energy landscape in the United States, aligning with broader objectives of sustainability, local manufacturing, and economic growth.
