U.S. investment giant BlackRock will invest $1 billion (US$701 million) into Australian battery projects after agreeing to acquire Melbourne-based Akaysha Energy.
Akaysha currently has nine projects across the country, with the most advanced being its 300-megawatt Ulinda battery in the Western Downs region of Queensland.
Its largest project is the 1,600 megawatt Orana battery in Wellington, central-west New South Wales, which can provide around eight hours of energy storage. The company also has another large-scale project in Palmerston, Tasmania.
Australia’s energy grid currently has 10 large-scale batteries hooked up to it.
Charlie Reid, the co-head of climate infrastructure at BlackRock Asia-Pacific, said there were US$400 billion in opportunities across the region….