Q Cells Invests Into Solar Storage Firm Amped Solutions in North America

Q Cells North America, which is among the market leaders in the US market with its range of solar modules and cells, has made an undisclosed investment into a portfolio of solar-plus-storage projects of Amped Solutions in California. This deal had been structured to help Amped Solutions reduce project risks and upgrade its systems. For Q Cells, the deal which has seen it invest in the form of grid equity financing, will entitle it to receive grid service revenues generated by the portfolio in future.

For the South Korea Head Quartered Q Cells, the deal also strengthens its presence in one of the largest solar states in the US market, California.

“As part of our growing suite of complete energy solutions, we’re excited to offer our customers and partners investment capital under a new Grid Equity structure. We believe it can be a valuable co-development tool to help them boost the economics and bankability of their solar-plus-storage projects,” said Q Cells North America’s president Shane Kim.

Amped Solutions will retain ownership of the solar power and energy storage facilities and will continue to receive revenues coming from bill savings, tax benefits and incentives.

Amped Solutions, founded by its chief executive Dan Martin, is specialised in the development, financing and operation of hybrid projects combining solar power systems and energy storage sites. It has put online energy storage systems ranging from 10kWh up to 285kW and now has several 1 MWh projects in its pipeline.

The deal could be an interesting marker for the future of solar partnerships, as major equipment makers look to tie-in with promising developers, who in any way need the capital to fund growth and big for more projects. Keep in mind that with protectionist walls going up in many markets, including the US and India, these deals could also serve to combat the onslaught of China based brands.