BlackRock invests $700 million into Australian battery storage and renewable energy projects
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BlackRock Real Assets is seeking to purchase Akyasha Energy, an Australian firm that specializes in battery storage and renewable energy projects
The company announced via a press release obtained by Fox Business on Tuesday that it will commit 1 billion Australian dollars, which is approximately $700 million, to develop over 1 gigawatt of battery storage. Additionally, BlackRock will expand Akyaysha energy storage projects all across Asia in Japan and Taiwan at an unannounced date.
Large energy storage systems are essential to maximum renewable energy capacity because these sources of energy are not constant. As more countries seek to expand into renewable energy capabilities, more interest has been seen in battery storage.
One of the leaders of BlackRock's climate infrastructure projects in Asia-Pacific, Charlie Reid, said the company has wanted to invest in Australia's energy storage as it transitions toward renewable energy.
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