Acer expands into energy storage biz; picks up 11% stake in C-Life Technologies
Multinational hardware and electronics company, Acer Inc on Thursday (August 3) announced that its Board of Directors have given approval for the investment in C-Life Technologies, a LFP (lithium iron phosphate) cell manufacturing company based in Taiwan.
Looking to expand its foothold in the fast-growing battery energy storage systems (BESS) market, Acer will acquire up to 13 million shares (~11% of total shares) in C-Life Technologies.
"As part of our sustainable development strategy, Acer has already ventured into energy storage solutions for households and industrial use. Through our long-term strategic investment in C-Life Technologies, we hope to expand our foothold in the energy storage industry, providing solutions from manufacturing to application, in-front-of- to behind-the-meter solutions, and contribute to the green energy industry," said Jason Chen, CEO and Chairman of Acer.
According to McKinsey & Company, the global BESS market is expected to reach between $120 billion and $150 billion by 2030, more than double its size today.
Acer's investment in C-Life Technologies is based on its track record of having over a decade of experience in the R&D and manufacturing of LFP battery cells. Further, the company continues to develop products such as battery energy storage systems and those related to electric vehicles. Last year, C-Life Technologies completed the design of a second-generation battery energy storage system, and in January 2023, it successfully installed a 1 MW energy storage system (20 ft. container) in its factory, Acer stated.
The latest investment by Acer is part of its broader sustainable development strategy. The ICT major announced a net-zero strategy earlier this year and has pledged to reach net zero emissions by 2050.