Back to top

Image: Bigstock

TotalEnergies (TTE) Starts New Battery Storage Project in Belgium

Read MoreHide Full Article

TotalEnergies SE (TTE - Free Report) announced that it is initiating a new battery storage project in Belgium.  The new project will be constructed on the location of the TotalEnergies depot in Feluy.

The new project will have a power rating of 25 megawatts (MW) and a capacity of 75 megawatt-hours (MWh). This is due to the 40 Intensium Max High Energy lithium-ion containers provided by Saft. The venture is expected to start at the end of 2025.

Battery storage sites play an important role in the stability of the electricity grid, offering flexibility and helping address grid congestion issues.

Focus on Belgium’s Growth

In Belgium, TTE is a major player along the entire electricity value chain. The company depends mainly on the CCGT (430 MW) power plant at Marchienne-ou-Pont, the Plate-Taille hydroelectric storage (140 MW), and the 300 MW off-shore wind farm in the North Sea of Belgium. The company is also working on solar and on-shore wind projects with a 300 MW portfolio.

TotalEnergies already operates more than 10,000 electric mobility charging points across the country, 35% of which are on public roads, 20% in private homes and 45% in offices.

The new project comes just a year after the company started its Antwerp project in Feluy. The Antwerp project is considered to be its largest European battery-based energy storage project in Belgium. It will be operational by the end of 2024 and contribute 24/7 to the needs of the European and Belgian high-voltage transmission network.

These two projects, which represent a global investment of nearly $76 million, should bring TotalEnergies' storage capacity in Belgium to 50 MW/150 MWh. TTE’s ongoing initiatives completely align with its integrated growth plan for electricity in the country.

Peer Moves

The rapidly increasing clean energy adoption provides a competitive edge to the energy storage market. Consequently, nations across the globe are expanding their energy storage capacity to further boost their clean energy goals.

According to a Markets and Markets report, the global battery energy storage market is projected to reach $17.5 billion in 2028, at a CAGR of 26.4%. This indicates favorable prospects for TTE in the renewable market’s battery storage segment.

Along with TTE, other oil and gas companies like Canadian Solar Inc. (CSIQ - Free Report) , Emeren Group Ltd. (SOL - Free Report) and Enphase Energy Inc. (ENPH - Free Report) are also expanding their operations to meet the growing demand of battery energy storage market.

CSIQ boasts a strong presence in the energy storage industry, with 600 MWh of battery energy storage projects in operation. As of Jan 31, 2024, Canadian Solar’s total battery storage project development pipeline was 55 gigawatt-hour (GWh), including 3.5 GWh under construction and in the backlog, and 51 GWh of projects in advanced and early-stage pipelines.

CSIQ’s long-term (three-to-five-year) earnings growth rate is 25%. It delivered an average earnings surprise of 56.2% in the last four quarters.  

In January 2024, SOL delivered almost 1 GW of battery energy storage systems (BESS), which were in development in Italy. So far, the company has successfully delivered more than 975 MW of BESS in Italy. We expect Emeren to deliver more such projects in the coming days to duly meet its 1.5 GW target.

The Zacks Consensus Estimate for SOL’s 2024 sales and EPS indicates a year-over-year increase of 46.5% and 1,800%, respectively.

In December 2023, Enphase launched its most powerful Enphase Energy System in Italy’s energy storage market. The system includes the IQ Battery 5P and IQ8 Microinverters, with a capacity of 5 kWh and a peak AC output power of 384 W. Enphase is currently aiming to introduce its IQ Battery 5P in more European and Asian countries in the next few months. Such expansion plans tend to boost the company’s long-term growth in the battery storage market.

ENPH’s long-term earnings growth rate is 17.28%. It delivered an average earnings surprise of 7.2% in the last four quarters. 

Price Performance

In the past month, shares of TotalEnergies have risen 12.5% compared with the industry’s 14.4% growth.   


Zacks Investment Research
Image Source: Zacks Investment Research

Zacks Rank

The company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.


Published in