Solarwatt will start selling storage batteries from this autumn in cooperation with carmaker BMW amid an ongoing convergence of renewable power and electric mobility, the German photovoltaic firm announced on Wednesday.
Under the deal, BMW will supply battery components also used in its electric vehicles for Dresden-based Solarwatt which will develop and assemble photovoltaic (PV) storage products under the brand name Battery flex in Germany to complement rooftop solar installations.
"We are delighted that, through our partnership with Solarwatt, we can make an additional positive contribution to bringing photovoltaics and electromobility closer together," BMW executive Eric Hamm said.
As the price of battery technology has come down, it is becoming increasingly economical for householders to store surplus solar power to supply power sockets or heat water directly, rather than selling it to grid operators.
Solar power can also be used to supply heat pumps or charge electric cars, helping to reduce global warming by replacing power generated by fossil fuel.
Solarwatt is investing EUR 100 million (roughly Rs. 890 crores) up until 2025, for example on production lines and complementing Battery flex with intelligent software to manage energy flows around the house to help cut costs and raise households' self-sufficiency.
It will also offer installations, metering, insurance, and tax advice and widen sales channels.
Solarwatt is majority-owned by Stefan Quandt, who owns nearly half of luxury carmaker BMW with his sister Susanne Klatten.
The German battery market is currently led by Solarwatt rival Sonnen, part of Shell.
German solar power supply in the first quarter 2021, at 7.24TWh, held a 5.4 percent share of total power grid volumes, Fraunhofer Institute data showed.
Solarwatt sold 16,000 PV systems last year in Germany alone and reported turnover of EUR 120 million (roughly Rs. 1,070 crores).
© Thomson Reuters 2021
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.