3DOM inks deal for provision of batteries, energy storage solutions to G8 Subsea

BATTERY maker 3DOM's wholly-owned subsidiary has entered into an agreement with G8 Subsea to be the technology company's primary supplier of batteries and energy storage solutions for its renewable energy projects.

As part of the deal, 3DOM will invest up to US$10 million in G8, representing an aggregate stake of up to 5 per cent in the company, which has an implied total valuation of US$200 million, the companies said in a joint press statement on Monday (Dec 6).

Meanwhile, 3DOM (Singapore) (3PL) - the wholly-owned subsidiary of 3DOM - will issue new shares representing 8 per cent of its enlarged issued share capital via a share swap.

3PL was an acquisition target of Chaswood, but the deal fell through due to "major differences and disagreements" in the approach to the reverse takeover processes and the way it should proceed.

Aside from supplying batteries, 3DOM (Singapore) will provide technology systems for the monitoring of battery conditions and appropriate allocation of first-life and second-life projects.

The two companies will jointly explore new opportunities for renewable power generation, including those related to thermal power production using biomass-derived pellets, as well as further development of wind, solar and hydro power generation businesses.

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They will also explore opportunities related to electric mobility, including the implementation of a total-zero-carbon-emission model for commercial transport businesses, where electric vehicles are provided by lease or subscription and charged with renewable energy.

Gerald Tan, G8's founder and managing director, said: "(The business collaboration) enables our group to offer world-leading solutions for clean energy storage with 3DOM's breakthrough battery technology.

"G8 is now able to integrate 3DOM's battery and fuel cell systems to offer complete and long-lasting energy storage solutions for our commercial and utility clients."