Small-cap stock ACME Solar Holdings jumped over 6% and hit a record high on the BSE on Monday, September 8. The rally in the stock follows the company’s announcement that it has placed a 2 GWh Battery Energy Storage System (BESS) order through Posco International Corporation.
BESS allows energy storage for later use. As energy supply can face fluctuation due to weather, blackouts, or any other foreseen disruption, BESS helps with continual power flow.
ACME Solar order details
ACME Solar has placed an order of 2 GWh of BESS with leading global energy system supplier – Chuzhou Lishen New Energy Technology Co through POSCO International Corporation and China FAW Group Import and Export Co, the company said in a filing today. With this, ACME Solar’s BESS procurement would cross 5 GWh.
The order will be delivered in phases over the next six to ten months and will be deployed across ACME Solar’s FDRE (Firm & Dispatchable Renewable Energy) and standalone BESS projects, scheduled for commissioning over the next 12 to 18 months, the exchange filing added.
Nikhil Dhingra, CEO of ACME Solar, said, “This strategic purchase will ensure the timely availability of the BESS system, playing a key role in de-risking project commissioning timelines & accelerating overall project delivery.”
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