Turkey’s Altinay partners Vietnam’s VinES on energy storage mission

By Tuong Nguyen
Tue, April 11, 2023 | 10:26 am GMT+7

Vietnamese energy solution firm VinES has embarked on a partnership with Turkish company Altınay Elektromobilite to provide comprehensive energy storage solutions in the Turkish market.

VinES and Altınay Elektromobilite have joined forces on energy storage solutions. Photo courtesy of VinES.

VinES and Altınay Elektromobilite have joined forces on energy storage solutions. Photo courtesy of VinES.

“With this partnership, we aim to bring domestic investors in the sector together with the right products and competitive prices,” E. Mert Uygun, general manager of Altınay Elektromobilite, said in a joint release on Monday.

Renewable energy sources are becoming increasingly competitive with conventional fossil fuel power sources, but the challenge for the industry lies in efficiently storing, transmitting, and distributing clean energy, said Vo Le Duy Duc, strategy director at VinES, a unit of Vietnam’s largest conglomerate Vingroup.

Therefore, energy storage systems (ESS) will play a critical role in the transition to clean energy, he noted.

“VinES has developed and offered a key solution to address this problem. We believe that our strategic collaboration with Altınay Elektromobilite will accelerate both companies in bringing the right products and solutions to the Turkish clean power industry.”

Estimates by the International Energy Agency showed that the total installed capacity of container-type energy storage systems could reach 680 gigawatt-hours (GWh) by 2030 in the global net-zero scenario. The increase is calculated as 42.5x between 2022 and 2030, while it is stated that the annual increase in installed ESS capacity worldwide should be over 80 GWh in order to meet the current demand.

Application volume increased to 200 GWh

The number of applications for energy production and storage in Turkey rose to 200 GWh as of January 2023, according to Turkey Energy Market Regulatory Authority (EPDK) data. With the accelerated emergence of sustainable systems such as solar and wind power plants, the electrification of cars and the increasing need for energy storage required to support facilities and grid infrastructure, this demand has brought with it rapid growth signals in the Turkish energy storage market.

The GM of Altınay Elektromobilite said: “In this context, we are going into strategic cooperation with VinES, a global transformative energy solution provider. VinES will offer the technology, system design, production and verification of the ESS, and we will undertake the sales and marketing of the VinES ESS product portfolio, as well as after-sales services in the Turkish market.”

100,000 containers in need

Uygun said his market size could reach 100,000 containers based on the application of EPDK and the fact that each container corresponds to an average installed energy capacity of 2 megawatt-hours in container-type ESS.

“Energy distribution companies, factories, production facilities, as well as many potential customers and investors, including Turkish ones, are planning to operate in this market. At this point, companies need partners with enriched expertise in energy storage,” he added.

He explained further the reason his company and the Vietnamese firm have joined forces. “With our VinES cooperation, their technology and production advantages will strategically fit with our experienced domestic engineering to cover all ESS products, our market dominance, and speed to facilitate field installations, commissioning, and periodic maintenance.

“In addition, when we combine the expertise of VinES in unit cost optimization with the knowledge and experience of Altınay Elektromobilite, we can offer competitive solutions to the end user.”

Comments (0)
  • Read More
Central Vietnam province plans to build $2.4 bln LNG power plant from 2031

Central Vietnam province plans to build $2.4 bln LNG power plant from 2031

The 4,800-MW Chan May LNG power plant, with an investment of $2.4 billion, can be deployed in 2031-2035, according to Thua Thien Hue authorities.

Energy - Thu, November 21, 2024 | 10:41 pm GMT+7

Indonesia, France step up cooperation in economy, defence

Indonesia, France step up cooperation in economy, defence

Indonesian President Prabowo Subianto discussed economic and defence cooperation during a bilateral meeting on Tuesday with French President Emmanuel Macron on the sidelines of the G20 Summit in Rio de Janeiro, Brazil, Antara reported.

Southeast Asia - Thu, November 21, 2024 | 10:25 pm GMT+7

Thai economy to maintain upward momentum in 2025

Thai economy to maintain upward momentum in 2025

The National Economic and Social Development Council of Thailand (NESDC) expects the Thai economy to sustain its upward momentum in 2025 with a growth of 2.3-3.3% despite growing risks.

Southeast Asia - Thu, November 21, 2024 | 10:24 pm GMT+7

Former parliament chairman Vuong Dinh Hue warned for violations

Former parliament chairman Vuong Dinh Hue warned for violations

The Politburo, Vietnam's supreme decision making body, on Wednesday issued warnings to Vuong Dinh Hue, former Chairman of the National Assembly, and Nguyen Van The, former Minister of Transport, for violations while on duties.

Politics - Thu, November 21, 2024 | 10:10 pm GMT+7

Sumitomo insists on building LNG power plant in central Vietnam

Sumitomo insists on building LNG power plant in central Vietnam

Japanese trading house Sumitomo has been pushing for a liquefied natural gas (LNG)-fed power plant investment in Vietnam’s central province of Khanh Hoa.

Energy - Thu, November 21, 2024 | 8:53 pm GMT+7

Vietnam’s Vinhomes fulfils 67% of record buyback plan

Vietnam’s Vinhomes fulfils 67% of record buyback plan

Vinhomes, the housing development arm of conglomerate Vingroup, has purchased back 246.98 million shares, meeting 66.75% of the plan and accounting for 5.7% of the outstanding volume.

Finance - Thu, November 21, 2024 | 8:43 pm GMT+7

Vietnam high-speed railway should run beyond Hanoi, HCMC on either side: lawmakers

Vietnam high-speed railway should run beyond Hanoi, HCMC on either side: lawmakers

Vietnam’s mega North-South high-speed railway project should be redesigned and extended beyond Hanoi and Ho Chi Minh City as currently planned, several lawmakers have suggested.

Infrastructure - Thu, November 21, 2024 | 6:11 pm GMT+7

Vietnam-Malaysia relationship upgraded to comprehensive strategic partnership

Vietnam-Malaysia relationship upgraded to comprehensive strategic partnership

Vietnam and Malaysia have upgraded their relationship to a comprehensive strategic partnership, the highest level in the former’s diplomatic hierarchy.

Politics - Thu, November 21, 2024 | 5:21 pm GMT+7

Petrovietnam units sign LNG supply deal for trial run of Vietnam’s first LNG power plants

Petrovietnam units sign LNG supply deal for trial run of Vietnam’s first LNG power plants

PV Power and PV Gas, two units of state-owned Petrovietnam, have signed an LNG supply deal for trial operation of Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants.

Energy - Thu, November 21, 2024 | 4:40 pm GMT+7

Sufficient first phase funds ensured for Vietnam’s new mega airport: transport minister

Sufficient first phase funds ensured for Vietnam’s new mega airport: transport minister

Minister of Transport Nguyen Van Thang affirmed Wednesday that funding would be secured for building the Long Thanh International Airport, set to become Vietnam’s biggest.

Infrastructure - Thu, November 21, 2024 | 3:53 pm GMT+7

Bamboo Capital wins kudos for transparent reports, good governance

Bamboo Capital wins kudos for transparent reports, good governance

Vietnamese private conglomerate Bamboo Capital Group has been honored as a Top 20 business with the Best Annual Report and the Best AGM Organization at the 2024 Vietnam Listed Company Awards (VLCA).

Bamboo Capital - Thu, November 21, 2024 | 3:37 pm GMT+7

VAFIE to organize workshop on amendments to horse racing, football betting rules

VAFIE to organize workshop on amendments to horse racing, football betting rules

The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) and The Investor will organize a workshop on suggestions to amend the government’s Decree 06 on horse racing, greyhound racing and international football betting services.

Economy - Thu, November 21, 2024 | 2:38 pm GMT+7

Vietnam Politburo okays international, regional financial centers in HCMC, Danang

Vietnam Politburo okays international, regional financial centers in HCMC, Danang

Vietnam’s highest decision-making body, the Politburo, has greenlighted the establishment of an international financial center in Ho Chi Minh City and a regional financial center in the central city of Danang.

Economy - Thu, November 21, 2024 | 1:50 pm GMT+7

Singapore's Platinum Victory seeks to gain veto at Vietnam’s REE

Singapore's Platinum Victory seeks to gain veto at Vietnam’s REE

Singaporean fund Platinum Victory Pte. Ltd. has registered to buy more shares of Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE) to achieve the vetoing power in the latter.

Finance - Thu, November 21, 2024 | 11:29 am GMT+7

Posco keen on investing in Vietnam's $2.2 bln LNG power project

Posco keen on investing in Vietnam's $2.2 bln LNG power project

South Korea’s steelmaker Posco is eyeing to invest in the $2.2 billion Quynh Lap LNG-fired power plant project in Vietnam’s central province of Nghe An.

Energy - Thu, November 21, 2024 | 10:42 am GMT+7

Vietnam firm Hoa Lam to build $212 mln Aeon Mall in Mekong Delta

Vietnam firm Hoa Lam to build $212 mln Aeon Mall in Mekong Delta

The Mekong Delta city of Can Tho has accepted a subsidiary of private multi-sector Hoa Lam Group as the investor of the Aeon Mall Can Tho commerce and service center.

Industries - Thu, November 21, 2024 | 10:31 am GMT+7