Pension firms invest millions in giant battery

Danish pension companies PKA and Pensam are investing DKK 400m in a huge battery that will be connected to two solar farms in California.

Photo: Jan Woitas/AP/Ritzau Scanpix

Battery prices have declined so dramatically that in some spaces it's starting to be an attractive investment that can boost renewable energy asset values, says Jon Johnsen, chief executive of Danish pension provider PKA, which alongside compatriot counterpart Pensam is investing DKK 400m (EUR 53.8m) in a battery so large that it could store more or less the same power volume as 13,000 Tesla cars.

The battery will be hooked up two solar farms in California, where conditions are particularly favorable, but such a solution also makes sense for many other locations, Johnsen says.

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