TES makes strategic investment in GenPlus Singapore
The investment marks TES's entry into energy storage systems (ESS). Positions TES as a leader in the second-life battery market.
SINGAPORE, May 4, 2020 /PRNewswire/ -- TES announced today its strategic investment in GenPlus, a leading Southeast Asia provider of energy storage systems (ESS) and power systems across the Asia-Pacific region. Founded in 2013, GenPlus's hybrid ESS offer scalable turnkey solutions that use retired electric vehicle batteries for various commercial and residential energy needs in the secondary market. ESS use a network of optimally connected second-life battery cells to store electricity and are a viable power alternative for green energy plants, remote mining power, and base transmit stations, among other applications.
GenPlus joining TES Group supports TES's vision for closing the loop on battery technology and complements TES's recent $25 million investment in new lithium battery recycling facilities in Singapore and Grenoble, France. "Investing in technology that keeps TES at the forefront of the sustainability movement is in our DNA," said Gary Steele, TES's chief executive officer. "Looking ahead, by 2030, there will be over six million battery packs retiring from electric vehicles each year. The global ESS processing infrastructure does not have enough capacity today to provide those batteries with the second life that true closed-loop solutions demand. GenPlus's management team, engineering strength, and experience will help TES fill that gap."
GenPlus's managing director, Lim Ming Chiat, said: "We are delighted to join TES, as they are already an industry leader in IT lifecycle services that understands the environmental impact and global compliance. The integration of GenPlus solidifies TES's commitment to the circular economy, ensuring that batteries are recovered and reused to address the ever-growing global demand for ESS solutions."
Safety issues, transboundary movements, hazardous waste designations, and the efficient/effective processing of batteries are challenges that are not going away anytime soon. This investment positions TES as a leader in the growing second-life battery space and, at the same time, helps our clients manage the challenges and risks that are inherent to them.
For more information about TES's services and facilities, visit www.tes-amm.com.
Founded in 2005, TES has been a circular economy leader focused on helping customers with the commissioning, deployment, and retirement of IT assets. As one of the largest IT lifecycle service providers in the world, TES understands the common challenges faced when managing IT equipment throughout its lifecycle, and our bespoke, cost-effective solutions address these challenges while achieving compliance with all local and international data security, environmental and industry regulations.
TES is backed by Navis Capital Partners, one of the largest private equity companies in Southeast Asia, with over US $6 billion under management. TES has an unmatched global footprint and now operates at 38 locations across 22 countries, with more than 1,700 employees. Our mission is to create outstanding value for our customers, employees, and stakeholders as well as for the global community by leveraging our unique combination of security, value recovery, and environmental expertise.