Coro Energy signs deal to launch pilot system in Vietnam

(Sharecast News) - Coro Energy announced the signing of binding agreements with Mobile World Group in Vietnam on Wednesday, to launch a pilot battery energy storage system at one of its rooftop solar sites in Ho Chi Minh City, marking the company's first move into combined solar-and-storage solutions. The AIM-traded firm said the trial, which woul;d run for four to six weeks after installation, was intended to test the commercial case for a wider rollout across Mobile World's portfolio and other commercial and industrial customers.

It said the project would be delivered with Coro's strategic partner Threefold Energy Group, using its proprietary engineering platform and energy management technology.

Coro said the initiative reflected its strategy to broaden its renewable offering beyond rooftop solar installations.

Chairman Tom Richardson said the pilot strengthens the company's position in the Vietnamese energy market.

"The BESS Pilot with Threefold Energy marks an important step forward in Coro's strategic positioning in Vietnam," he said.

"By extending our offering beyond rooftop solar to integrated storage, we are delivering higher-value, flexible solutions to our C&I customers and positioning Coro to capture additional growth opportunities across the region."

Threefold Power chief executive Luke Gamble said the storage technology will help businesses reduce energy costs and improve resilience.

"Threefold builds behind-the-meter energy infrastructure that works within existing regional energy systems, enabling businesses to access cheaper, cleaner and more reliable power, while providing additional flexibility to grids," he said.

"For MWG, our technology will combine local solar generation with intelligent storage to reduce costs, lower emissions and strengthen resilience at the C&I level."

At 1218 GMT, shares in Coro Energy were down 7.5% at 0.37p.

Reporting by Josh White for Sharecast.com.