GOTHENBURG, Sweden, Oct. 9, 2024 /PRNewswire/ -- TEXEL Energy Storage AB ("TEXEL") announced a rebranding to TEXEL Energy, a name change that better reflects the multifaceted business opportunities that have emerged through years of research and development (R&D), acquisitions, and partnerships. This rebranding marks a new phase for the company with focus on comercialisation, where energy storage remains a prioritized business area, while new business divisions such as TEXEL Flare Gases, TEXEL Defence, and TEXEL Biofuels are introduced. Additionally, the industrial arm responsible for producing the core technology that connects these business divisions will be placed in a subsidiary under TEXEL Energy.

The core technology, developed by TEXEL over the years, enables the conversion of thermal energy into green electricity and heat in an economically and environmentally sustainable way. This technology will be applied across the different business divisions to fuel TEXEL's growth and innovation in the green energy sector.

Statement from TEXEL:

"The core technology we have developed through R&D, acquisitions, and licenses over the years converts thermal energy into green electricity and heat in a sustainable and cost-effective manner. It is essentially the same for all our business areas - whether we are converting stored thermal energy into electricity and heat for our energy storage solutions, or capturing the heat from flare gases to generate green electricity," Says Lars Jacobsson, CEO and Chairman of TEXEL.

Development and acquisition of technology valued at over $2 billion USD

TEXEL has, over the years, developed and acquired technology and companies that together represent a total R&D value exceeding $2 billion USD. This technology forms the foundation for TEXEL's business growth and positions the company uniquely in the market for green energy solutions.

Restructuring for future comercial growth

The new business structure means that energy storage will become its own business area within the new corporate structure, with energy storage continuing as a priority. TEXEL Energy will now also include new business areas such as TEXEL Flare Gases, TEXEL Defence, and TEXEL Biofuels, all of which leverage the same core technology for converting thermal energy into true green electricity and heat. The industrial company that develops and produces this technology will operate as a subsidiary under TEXEL Energy, providing all business areas with this patented technology. With these changes, TEXEL Energy is well-positioned to meet the energy needs of the future and continue contributing to the global energy transition through innovative and sustainable solutions.

For more information, contact:
Daniel Wilke
Head of PR
daniel@texeles.com
+46736329827

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SOURCE TEXEL Energy Storage