Ingka Investments partners with Apex Clean Energy on first battery storage project worldwide.
Ingka Investments (the investment arm of Ingka Group, the largest IKEA retailer) and Apex Clean Energy announced the company’s first-ever battery storage project, Cameron Storage. The standalone lithium-ion battery will support the Texas power grid and increase reliability amid fluctuations in supply and demand. The 16.4 MW project, which will begin operations in the coming weeks, is co-located with Ingka Investments’ Cameron Wind farm, a 55-turbine, 165 MW project operational since 2015.
As part of a €6.5 billion initiative to support 100 percent renewable energy consumption across the IKEA value chain and beyond, Ingka Investments has invested and committed more than €3.5 billion into renewable energy projects.
Cameron Storage, located in Cameron County, Texas, is part of Ingka Group’s steps across the business to help achieve the IKEA commitment to becoming climate positive by 2030.* As the largest IKEA franchisee, it has an important part to play in achieving these commitments, for example, switching to renewable energy, transitioning to zero-emission home deliveries, offering circular services, and more.
Peter van der Poel, managing director at Ingka Investments said:
This is an important step in our journey towards becoming climate positive.
“Going forward we aim to invest in a mix of wind, solar, and energy storage. Investing in all three technologies will help to provide renewable energy during more hours of the year and optimize the use of our grid connections.”
Ingka Investments and Apex have been partnering in renewable energy projects for more than eight years. Apex has previously sold two wind farms to Ingka Group: 165 MW Cameron Wind and 98 MW Hoopeston Wind, which are managed by the renewable energy company.
Ken Young, Apex Clean Energy CEO said:
For more than a decade, IKEA has charted the course for the corporate sector in investing in clean energy solutions, and today, Cameron Storage builds on that record of leadership.
“Utility-scale energy storage unlocks the full potential of clean power to decarbonize our economy while providing increased reliability and certainty for our electric grid.”
Powin is serving as the equipment vendor, and Worley is providing engineering, procurement, and construction services for the project.
About Ingka Group
With IKEA retail operations on 32 markets, Ingka Group is the largest IKEA retailer and represents about 90% of IKEA retail sales. Ingka Group employs more than 170,000 co-workers and reported IKEA Retail sales of EUR 37.4 billion at the end of financial year 2021. It is a strategic partner to develop and innovate the IKEA business and help define common IKEA strategies.
Ingka Group owns and operates IKEA sales channels under franchise agreements with Inter IKEA Systems B.V. It has three business areas: IKEA Retail, Ingka Investments and Ingka Centres. Read more: www.ingka.com
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Ingka Investments Partners with Apex Clean Energy on First Battery Storage Project Worldwide, CONSHOHOCKEN, Pa. & CHARLOTTESVILLE, Va.,September 6, 2023
