VinES energy solutions to partner with Altinay Elektromobilite

Energy companies from Vietnam and Turkey join forces to provide comprehensive energy storage solutions to Turkey energy market

ISTANBUL, TURKEY/HANOI, VIETNAM - Media OutReach - 10 April 2023 - The fact that the transition to sustainable energy sources has gradually gained its significance over the years also prompts the demand for energy storage systems.

Aware of the increasing importance of the energy storage in renewable energy produced, Turkish Energy Company Altınay collaborated with VinES Energy Solutions ("VinES"), a transformative energy solution provider including energy storage systems in Vietnam.

As the world discusses decarbonisation, net zero scenarios and sustainable energy policies, the importance of energy storage systems has gradually increased. Estimates of the International Energy Agency showed that the total installed capacity of container-type energy storage systems ("ESS") could reach 680 gigawatt-hours ("GWh) by 2030 in the net zero scenario. According to these estimates, the increase is calculated as 42.5x between 2022 and 2030, while it is stated that the annual increase in installed ESS capacity worldwide should be over 80GWh in order to meet the current demand. Following the global transformation and local market demand, Altınay Elektromobilite cooperated with VinES, a subsidiary to Vietnam's largest private conglomerate Vingroup, specializing in R&D and production of advanced batteries for mobility and energy storage applications.

E. Mert Uygun, General Manager of Altınay Elektromobilite, who shared his evaluations on the subject, said, "The cooperation between Altınay and VinES will bring a lot to our country, where the demand for energy and production is increasing. With this cooperation, we aim to bring the domestic investors in the sector altogether with the right products and competitive prices."

Sharing about the partnership, Mr. Vo Le Duy Duc, Strategy Director of VinES said: "With the rapid development of technology, renewable energy sources are becoming increasingly competitive with conventional fossil fuel power sources. However, the challenge for the industry lies in efficiently storing, transmitting, and distributing clean energy. ESS will play a critical role in the transition to clean energy. VinES has developed and offered a key solution to address this problem. We are pleased to partner with Altınay Elektromobilite and believe that our strategic collaboration will strongly accelerate both companies in bringing the right products and solutions to the Turkish clean power industry."

Application volume increased to 200 GWh

According to the Energy Market Regulatory Authority ("EPDK") data, the amount of applications for energy production and storage in Turkey rose to 200GWh as of January 2023. With the accelerated emergence of sustainable systems such as Solar Power Plant (GES) and Wind Power Plant (RES), the electrification of automobiles and the increasing need for energy storage required to support facilities and grid infrastructure, this demand has brought with it rapid growth signals in the energy storage market.

Stating that they want to take their place in the energy storage market, which is expected to experience unprecedented growth, and to be positioned as a reliable business partner for domestic investors, E. Mert Uygun said, "In this context, we are going into strategic cooperation with VinES, a global transformative energy solution provider with diverse product portfolio. VinES will offer the technology, system design, production and verification of the ESS, and we will undertake the sales and marketing of the VinES ESS product portfolio, as well as after-sales services in Turkish market."

On demand-pull basis, 100 thousand containers are needed

E. Mert Uygun, General Manager of Altınay Elektromobilite, stating that the market size can reach 100 thousand containers based on the application amount in EPDK and the fact that each container corresponds to an average installed energy capacity of 2 megawatts/hour in container-type energy storage systems, said, "Energy distribution companies, factories, production facilities, as well as many potential customers and investors, including Turkey, are planning to operate in this market. At this point, companies need such partner with enriched expertise in the field of energy storage, with which they will establish reliable technology partnerships. The infrastructure, which will respond to at least 10% of the total demand with initial investments, is expected to be commissioned in the next 2 years. These developments will support the development of the electric vehicle industry in the domestic market, which existing city grids cannot cater the simultaneous charging of many electric vehicles. With ESSs, energy pools will be created in certain regions and the grid infrastructure will be strengthened."

Local engineering will offer market knowledge and competitive prices

E. Mert Uygun reminded that they have been specializing in the development and construction of energy storage systems based on various chemical derivatives of lithium ion cells for 12 years, and that they have been operating in the electrification of heavy vehicles and high voltage battery packs as well as container type battery systems and concluded his evaluations with the following statements:

"Our first goal is to develop domestic technology in ESS and electric vehicle as the market leader. However, we believe that it is essential to establish strategic partnerships with global companies that are experts in their fields in order to enter the market with the right products. In our VinES cooperation, their technology and production advantages will strategically fits with our experienced domestic engineering to cover all ESS products, our market dominance and speed to facilitate field installations, commissioning and periodic maintenance. In addition, when we combine the expertise of VinES in unit cost optimization with the knowledge and experience of Altınay Elektromobilite, we are enabled to offer competitive solutions to the end user. Meeting the increasing energy storage needs of our country and taking it to a leading position in green energy transformation are among our priority goals."

Hashtag: #VinES #Vingroup

The issuer is solely responsible for the content of this announcement.

About VinES

VinES Energy Solutions specializes in the R&D and manufacturing of advanced batteries for mobility and energy storage applications. VinES cooperates with many world-leading battery cell manufacturers and is investing in modern battery manufacturing plants in Vietnam. Learn more at: https://vines.net.vn/.

About Vingroup
Established in 1993, Vingroup is one of the leading private conglomerates in Asia, currently focusing on three main areas: Technology and Industry, Services, and Social Enterprise. Learn more at: http://Vingroup.net/.

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