By 2035, EDF plans to invest 80 billion euros in energy storage

French state-owned power company EDF plans to invest 8 billion euros between 2018 and 2035 to become the leader
in the European energy storage market.

By 2035, EDF plans to invest 8 billion euros in energy storage

EDF said in a statement that it will deploy 10 GW of additional storage capacity
globally by 2035, in addition to the 5 GW already in operation.

EDF, which already operates pumped storage plants and industrial-scale batteries, added that it aims to become an energy storage leader in the French and European markets, offering battery products
to customers in the retail power sector.

Jean-Bernard Levy, CEO of EDF, told reporters: "With energy storage capacity, we can eliminate the intermittency problem of renewable energy and guarantee the performance and balance
of the grid.
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EDF's investments in energy storage will focus on improving the resilience of power systems, independent energy storage for retail customers using solar panels, and off-grid solar and storage systems
in Africa.

EDF also aims to develop approximately 1.
2 million off-grid customers
in Africa by 2035 through local partnerships.

Asked to analyze in detail when and how EDF will allocate the €8 billion investment, Levy said the company has yet to have a detailed plan
in place.

Levy said the company will double its investment in energy storage research and development to 70 million euros
between 2018 and 2020.

Over the next two years, the Group's "EDF New Business" division also plans to invest around EUR 15 million in projects and startups
related to energy storage and system resilience.

EDF's energy storage plan is the second largest investment project
to transition to more renewable energy.

In December, EDF said it would invest about €25 billion to build 30 GW of solar capacity
from 2020 to 2035.

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