LONDON: Coro Energy PLC, a renewable energy developer focused on Southeast Asia, has signed a memorandum of understanding with Threefold Energy Group Ltd to collaborate on advanced battery energy storage systems in commercial and industrial markets.
The strategic partnership aims to deploy Threefold Energy’s proprietary Battery Energy Storage System (BESS) hardware and energy management platform alongside Coro’s rooftop solar projects in Vietnam and other Southeast Asian countries. The companies plan to enhance the commercial value and performance of solar assets for commercial clients.
Threefold Energy, backed by Tier 1 global partners, is currently developing 40 megawatts of BESS projects across the U.K., Europe and Southeast Asia. Its IP-protected platform is designed to help businesses cut energy costs and emissions.
“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,” said Tom Richardson, chairman of Coro Energy.
Luke Gamble, CEO of Threefold Power, said Coro’s strong presence in Vietnam and its pipeline of commercial clients offers “significant additional value” through the integration of Threefold’s platform and hardware.
The agreement marks a growing trend in combining solar and battery technologies to optimize energy usage for industrial consumers in emerging markets.