Czech billionaires turned on by energy storage investments

Czech business moguls have discovered the world of grid energy storage facilities and seem to find it an attractive investment target. Seznam.cz writes that the country's sixth richest man, Pavel Tykáč, is attempting to build what is essentially the largest battery in the world in the UK. Together with a Chinese partner, he plans to build a 175 megawatt facility in the town of Spalding through his shareholding in the company InterGen. "The project has a construction permit, so it could get going," said an anonymous source, according to Seznam. "What's holding him back is uncertainty surrounding Brexit: they're waiting to see what Brexit will look like in the end or what its impact on foreign investment will be."

Energy storage systems have taken on increasing importance as countries turn increasingly to altnernative, greener sources of power. Wind and solar power are clean sources of power but are far less predictable than classic coal and gas-powered energy plants and this is driving investments into new battery technology. Seznam claims that Tykáč's would be the largest of its kind in the world. The Czech billionaire Daniel Křetínský is planning to build a 53 MW energy storage facility in Germany in the Schwarze Pumpe power station in Spremberg.