Summary sheet
The project consists of the financing of a production plant for the commercial roll-out of innovative, cost-competitive large-scale, long-duration thermal energy storage units suitable for different market applications and segments.
The aim of the operation is to co-finance under the InnovFin Energy Demonstration Projects ("EDP") the design, construction and operation of a manufacturing plant to produce and commercialise innovative thermal storage systems across Europe, North America and Africa. The Company plans the rollout of efficient and flexible clean energy storage modules. Its final purpose is to allow the stabilisation of the renewable energy production by adding flexibility to existing plants, eliminating the need for polluting back up conventional plants and lowering electricity prices and emissions.
The project research, development and innovation (RDI) activities are expected to be carried out in existing facilities, which are already authorised facilities that will not change their already-authorised scope due to the project. An Environmental Impact Assessment (EIA) will therefore not be needed for the RDI stage as per Directive 2014/52/EU amending the EIA Directive 2011/92/EU. It could, however, be that the implementation and expansion of both demonstration manufacturing plants may require an EIA at the locations of project implementation. The Bank's services will put as a condition precedent for the final disbursements that the provider has to inform the Bank whether an EIA is necessary or and if yes, require that a positive EIA is a condition precedent for such disbursements.
The Bank will require the promoter to ensure that implementation of the project will be done in accordance with the Bank's Guide to Procurement. However, the promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions.