Lates News

Volkswagen, the largest car manufacturer in Europe, is expanding its ambitions in the battery business from electric vehicles to large-scale energy storage and energy trading fields due to global demand for electric vehicles not meeting previous expectations. Volkswagen launched its first large-scale energy storage facility on Monday in Salzgitter, Germany. The project belongs to Volkswagen's energy subsidiary, Elli, which can provide approximately two hours of power supply to as many as 20,000 households. The facility will directly access the grid and will also be used for energy trading on the European electricity exchange EPEX SPOT. The batteries used come from Volkswagen's internal PowerCo department. With battery suppliers lowering prices and growth in electric vehicles slowing down, Volkswagen is seeking new sources of battery revenue. The company had previously set a target to have the capacity to provide batteries for approximately 3 million electric vehicles annually by 2030. With the massive increase in power consumption from data centers and more renewable energy stations connecting to the grid, the demand for energy storage is rapidly rising.