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Taiwan’s MOEA Minister: Japanese companies eye business opportunities in Taiwan’s energy storage sector

Minister of Economic Affairs Shen Jong-chin (沈榮津) said Wednesday that an initial estimate put the global value stemming from the energy storing business encompassing families, enterprises and power grids at over NT$200 billion

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Taiwan’s MOEA Minister: Japanese companies eye business opportunities in Taiwan’s energy storage sector

(CNA photo)

TAIPEI (Taiwan News)—As Taiwan is striving to achieve the goal of a non-nuclear country by 2025 with renewable energy accounting for 20 percent of power generation, Minister of Economic Affairs Shen Jong-chin (沈榮津) said Wednesday that an initial estimate put the global value stemming from the energy storing business encompassing families, enterprises and power grids at over NT$200 billion.

Taiwan Electrical and Electronic Manufacturers’ Association (TEEMA) Wednesday founded an Taiwanese energy storage industry promotion alliance. In his address at a ceremony commemorating the foundation of the alliance, Shen said a very important part of the 2025 energy transformation plan is to achieve 20 percent renewable energy in the country’s new energy mix. However, as solar energy and wind power generation are both affected by climate, the system to store energy generated from these two sources is therefore indispensable in the new energy transformation.

The minister said the energy storage industry offers great business opportunities as there are demands for energy storage in families, enterprises and power grids, which represent a total business of NT$200 billion in value. He added that Japanese companies NEC and Panasonic had visited the MOEA in a bid to explore the opportunities.