© Yaskawa Electronics Production | March 23, 2017
Yaskawa invests in Teraloop
Yaskawa Electric Corporation has completed a strategic investment in Helsinki-based Teraloop, a startup grid- and utility-scale kinetic energy storage company.
This equity investment aims to help Teraloop accelerate the steps needed to bring its patent-pending storage solution to the market within the next two years. The financing will allow the prototype to be finalized for a complete simulation in commercial working conditions. Although global policies are driving the uptake of various renewable energy sources at a growth of 15 percent per annum, a power grid that relies solely on renewable energy is immensely challenged. Solar, wind and wave power are all highly dependent on fluctuating weather conditions. Both Yaskawa and Teraloop are optimistic that Teraloop’s energy storage system could become the leading solution to provide reliable renewable energy to the grid. This would enable a crucial step towards a sustainable energy mix. “This investment enables both companies to focus on developing core competences while providing strong and commercially viable energy storage solutions with better synergy together,” says Hiroyuki Ougi, Corporate Senior Vice President, General Manager, System Engineering Division of Yaskawa. “Teraloop is delighted to have Yaskawa as an investor. As a company with a strong pedigree in mechatronics and a solid track record in working with new technology firms, Yaskawa brings knowledge and outreach to Teraloop’s development plans, and we will work together to commercialize our technology effectively,” says Edward Ridgway Watt, CEO of Teraloop. “It is really very rewarding to see Yaskawa investing further in Finland. This is good proof that renewable energy and energy storage technologies are in line with the corporation’s growth plans,” says Jukka-Pekka Mäkinen, President and CEO of The Switch, another Yaskawa company, based in Finland. ----- Teraloop team from left to right: Mikko Järvinen (legal advisor), Philippe Pépin (COO), Edward Ridgway Watt (CEO), Petri Saarinen (CDO), Marco Tatti (Board Director).