Coro Energy, the South East Asian renewable energy developer, has signed a memorandum of understanding ('MOU') for a strategic partnership with Threefold Energy Group.
Threefold Energy is an energy technology company backed by Tier 1 global partners. Threefold's services are centred on the deployment of industry-leading Battery Energy Storage System ('BESS') hardware with proprietary specification that is underpinned by Threefold's IP-protected energy management platform. Threefold Energy enables businesses to significantly reduce their energy costs and associated emissions. Focused on the UK, European and South East Asian markets, it currently has 40MW in development in commercial and industrial ('C&I') BESS projects.
Under the terms of the MOU the two companies will explore opportunities in Vietnam and other South East Asian markets to increase the stand-alone commercial benefits and performance of rooftop solar systems to C&I customers by combining them with Threefold Energy's platform.
Tom Richardson, Chairman of Coro, commented:
'We are pleased to be partnering with a well-funded company backed by Tier 1 industry partners that has a track record of developing market-leading energy management and storage solutions.'
Luke Gamble, CEO of Threefold Power, commented:
'Coro has an established footprint in Vietnam with high quality assets and a significant pipeline of C&I customers. We look forward to demonstrating the significant additional value that Threefold Power can deliver from our platform and hardware combination.'
Source: Coro Energy
