- Genex Power (GNX) has secured an agreement with Powerlink Queensland to access land adjacent to its Bouldercombe substation in Queensland
- Genex is aiming to develop a large-scale battery energy storage system project with an initial capacity of 50 to 75 megawatts per hour
- Significantly, this project is expected to be the first of its kind in Queensland
- Now that the agreement has been signed, Genex is aiming for the project to be operational by the first half of 2022
- Company shares are trading flat at 19.5 cents
Genex Power (GNX) has signed an investigation licence and tenure arrangement agreement with Powerlink Queensland.
The agreement will see Genex develop a standalone, large-scale battery energy storage system (BESS) project which will be located at Bouldercombe in North Queensland.
The Bouldercombe Battery Project is intended to be the first large-scale BESS project as part of Genex's Project Como strategy.
The project is planned to have an initial capacity of 50 to 75 megawatts per hour which will connect into the 132 kilovolts (kV) bays of the existing Powerlink 275kV/132kV Bouldercombe substation.
"Genex is pleased to have signed this agreement with Powerlink in relation to the proposed 50MW/75MWh battery energy storage system project at Bouldercombe," Genex CEO James Harding said.
As the project will be located on land adjacent to Powerlink's Bouldercombe substation, the agreement is a key step in securing land rights for the site.
Gaining land access will depend on whether a connection and access agreement is secured between Genex and Powerlink.
Furthermore, Genex has selected its preferred battery supplier and integrator for the project. The company will now commence the grid connection process with Powerlink and work with its preferred supplier to complete connection studies.
Following today's agreement, Genex is planning to fast-track the development of the Bouldercombe Battery Project. Specifically, it is aiming for the project to be operational in the first half of 2022 which is set to bolster revenue and cash flow.
Company shares are trading flat at 19.5 cents at 10:55 am AEST.