NRStor signed a significant agreement with its partners on the 1000MWh Oneida energy storage project
(February 10th, 2023) —— NRStor Inc. ("NRStor") is pleased to announce that the Independent Power System Operator ("IESO") has been an energy storage project for Oneida ("the project"). This is an important step to promote its development after the Ontario government issued a Council order and religious instructions to enable the project to continue.
The Oneida energy storage project is the largest of its kind in Canada and one of the most significant projects in the world. It will provide much-needed gigawatt-hour capacity for the Ontario power grid while prioritizing local indigenous partnerships and environmental benefits. NRStor and Six Nations of the Grand River Development Corporation SNGRDC have jointly developed this project since 2018. They are pleased to announce Northland Power's participation as an equity and operation partner.
With the finalization of ESFA, the project supporters have finalized and implemented the battery supply agreement with Tesla Corporation, the world's leading battery manufacturer, and the engineering, procurement, and construction ("EPC") agreement with Aecon Group Inc. to advance into the construction stage. The project will supply power to the power system in Ontario through the 250 MW /1,000 MWh Tesla Megapack system located in the southwest of Ontario and is scheduled to be completed in 2025.
The Infrastructure Bank of Canada has played a crucial role in supporting project development and is cooperating with the Oneida Energy Storage Project on an investment agreement. This project will contribute to Canada's sustainable transition to a net zero-emission economy by 2050 and Canada's commitment to achieving a 100% net zero-emission power system by 2035. In addition, Natural Resources Canada has provided $50 million from the Smart Renewable Energy and Electrification Path Plan, recognizing that the Oneida energy storage project will reduce greenhouse gas emissions by increasing renewable energy capacity and providing necessary grid services.
"This is an important day for the Oneida energy storage project, and we are proud of its example as a sustainable energy project, which has a strong local partnership with six countries and cooperation between industry and government," said Annette Verschuren, Chairman and CEO. NRStor。 "We thank many of our stakeholders, including the government of Ontario and Canada, whose support and investment in this project have played a key role in pushing it to this stage."
"The cooperation between partners and other interested parties is robust; We build on existing partnerships and welcome new ones in the process, "said Matt Jamieson, President and CEO of SNGRDC. "As a developing partner and equity owner, SNGRDC has played a crucial role in project consideration, including project site selection and creating career opportunities beneficial to our community. The project will play an essential role in improving our people and environment. "
"With the acceleration of energy transformation, energy storage will play a key role in providing stability and reliability for the power grid," said Mike Crawley, president and CEO of Northland Power. "Northland is pleased to be a part of this growth, and we look forward to continuing to cooperate with NRStor and SNGRDC of Grand River Development Company. Without them, this project would not be completed."
Jean-Louis Servranckx, President and CEO, said: "As a leader in the energy transformation, Aecon is at the forefront of building and operating sustainable infrastructure, and the battery energy storage market provides a powerful opportunity for the sustained growth of important global markets." Aecon Group Inc. "We are pleased to combine the multidisciplinary expertise of Aecon's construction and franchise team to deliver this sustainable development project, which will improve power management during peak demand, reduce greenhouse gas emissions, and support economic development and long-term partnership with indigenous communities-creating energy conservation to meet the needs of future generations."
The facility will help meet Ontario's future power demand by providing clean and reliable power capacity. It will absorb and store the extra basic load and renewable energy during off-peak hours and release the electricity back to the power grid during the peak energy demand. In addition, energy storage facilities will help stabilize Ontario's electricity sector by providing critical grid-balancing services.
Oneida energy storage project is expected to bring significant benefits to provincial taxpayers by reducing the related demand and cost of using gas-fired power plants during peak demand periods. The project will help Ontario reduce 4.1 million tons of greenhouse gas emissions, equivalent to taking 40,000 cars off the road every year.
About Oneida Energy Storage Project (OES Project)
Oneida Energy Storage Project (OES project) is a 250MW/1,000 MWh independent lithium-ion battery storage project located in southern Ontario. It is one of the world's most significant clean energy storage projects. NRStor Inc. (NRStor), Six Nations of the Grand River Development Corporation (SNGRDC), Northland Power Inc. (NPI), and Aecon Group Inc. (Aecon) jointly led the development, construction, and operation of OES.
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