BYD is touting the results of its initial pilot project in its Fully Sustainable Power Solutions initiative, which combines BYD’s battery storage technology with photovoltaic panels.
Results from the first year of BYD’s 60MWh UK project show that BYD’s energy storage system has operated smoothly over the 12 month period. The system responds quickly to the grid’s demand, matching over 99% of aggregate demand with five to six cycles every day. This frequency regulation project is the biggest of its kind in the UK to date.
BYD’s “Fully Sustainable Power Solutions” has the energy generated through PV going directly into energy storage equipment in order to curb instabilities in energy flow and improve distribution.
The idea of combining PV generation with energy storage is not new, but what grants BYD an edge is that not only is the company the world’s largest Iron-Phosphate battery manufacturer, it is also one of the few companies to make both photovoltaic and energy storage products.
TESLA recently acquired Solar City in order to combine its battery storage capability with Solar City’s new photovoltaic roof shingles.
Tom Zhao, Managing Director of BYD Solar Division said the success of the project is proof that the revolutionary business model works. “We want to pave the way for more projects to follow suit so that the new energy market becomes bigger and better,” he said. “There is a potential demand of 100MWh in a similar project in the UK alone, and over 200MWh worldwide.”
BYD also announced its ambition to integrate its energy storage systems with wind power this year, before eventually merging the system with all types of renewable energy generation. BYD notes that this will give consumers and businesses a more stable supply of clean energy and increase the functionality of renewable power generation stations.
BYD and Berkshire Hathaway
In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely. Berkshire’s original investment of $230 million is now worth roughly $1.8 billion.
For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.
© 2017 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.