Ingka Investments, the investment branch of IKEA’s parent company Ingka Group, has revealed its inaugural battery storage endeavour, known as Cameron Storage, in collaboration with renewable energy firm Apex Clean Storage. This project, boasting a capacity of 16.4 megawatts, will be situated alongside Ingka’s existing 165 MW Cameron Wind Farm in Cameron County, Texas. Its primary objective is to enhance the reliability of the Texas power grid, particularly during periods of fluctuating energy supply and demand. The project is scheduled to commence its commercial operations in October.
As the energy landscape undergoes a profound transformation, energy storage solutions are gaining prominence as a critical investment sector. This is due to the intermittent nature of many renewable energy sources, such as wind and solar, which necessitates reliable energy storage to meet round-the-clock demand while minimizing energy wastage.
This latest initiative aligns with Ingka Investments’ commitment, made in 2021, to expand its renewable energy investments to €6.5 billion by 2030. To date, Ingka has already invested and committed more than €3.5 billion to renewable energy endeavours since 2009. The company currently owns and manages 575 wind turbines distributed across 17 countries, as well as 20 solar parks and 935,000 solar panels installed on the roofs of IKEA stores and warehouses. These assets collectively boast a total capacity exceeding 2.3 gigawatts.
Furthermore, Ingka emphasized that this new project is part of its dedication to assisting IKEA in achieving its climate-positive commitment. By 2030, IKEA aims to reduce greenhouse gas emissions more than its entire value chain emits.
Apex Clean Energy CEO Ken Young said:
“For more than a decade, IKEA has charted the course for the corporate sector in investing in clean energy solutions, and today, Cameron Storage builds on that record of leadership. Utility-scale energy storage unlocks the full potential of clean power to decarbonize our economy while providing increased reliability and certainty for our electric grid.”
Ingka Investments Managing Director Peter van der Poel said:
“This is an important step in our journey towards becoming climate positive. Going forward we aim to invest in a mix of wind, solar and energy storage. Investing in all three technologies will help to provide renewable energy during more hours of the year and optimize the use of our grid connections.”