The Canadian infrastructure Bank (CIB) is taking steps toward investing in a major battery storage project in Southwestern Ontario.
The crown corporation signed a memorandum of understanding (MoU) this week with a joint venture comprised of energy storage firm NRStor Inc. and Six Nations of the Grand River Development Corp.
Oneida Energy Storage LP is working is build a 250 megawatt (1000 mW/h) battery storage site that would be the largest project of its kind in the country. Like other such facilities, the proposed site would pull power from the grid during off-peak hours and redistribute it during high-demand times.
According to NRStor, the project could save ratepayers up to $760 million while reducing carbon dioxide emissions by 4.1 million tonnes.
No details about the cost of the project have been released. The CIB said it plans to carry out further due diligence in the coming months and make a final investment decision this spring.
