Concord New Energy Group and enjoyelec Announce Strategic Partnership in Spain

Munich, June 19, 2024 – Concord New Energy Group (CNE) is thrilled to announce a strategic cooperation with enjoyelec, a global leader in energy AI. This partnership focuses on the optimized trading and management of a 50MW Battery Storage Power Station and several Wind-Solar-Storage Hybrid Plants located in Spain, leveraging the opportunities in the European Electricity Market.

Leveraging enjoyelec’s AI expertise in battery storage optimization and energy trading, this cooperation aims to enhance the flexibility and stability of the Spanish energy grid. The market in the Iberian Peninsula provides significant arbitrage opportunities due to the mass influx of solar and wind energy, creating substantial revenue potential through day-ahead trading, live trading, and ancillary services.

enjoyelec’s auto bidding, smart charging and discharging plan, and intelligent dispatcher based on their energy AI technology will enable the generation of attractive clean energy and leverage the IRR of the investments by entering higher-level electricity markets. These markets allow for charging and discharging within the dynamic spot price, maximizing profits. This initiative aligns perfectly with CNE and enjoyelec’s mission to drive the energy transition and support sustainable energy solutions globally.

Aiming for profit opportunities of new energy investment in the electricity markets, the partnership will take advantage of three market segments:

1. Day-ahead Trading: The volatile nature of renewable energy prices creates substantial opportunities for battery storage systems to profit from price spikes and dips.

2. Intraday Trading: Flexibility in power generation and consumption allows for exploiting real-time price fluctuations.

3. Ancillary Services: Providing critical support for grid stability, battery storage systems can dynamically switch between charging and discharging in accordance with grid frequency.

This strategic partnership not only supports Spain’s renewable energy targets but also reinforces the broader European vision of a clean and sustainable energy future. By combining expertise and innovative technology, this collaboration will play a pivotal role in achieving significant environmental benefits and financial returns.