Groupe Filatex to transform renewable energy storage in Madagascar and Mauritius

ANTANANARIVO, Madagascar, 7 February 2022 – Groupe Filatex, a leading African energy company based in Madagascar, announces the acquisition of 41% in French start-up Energiestro for Euros10million, a pioneer in energy storage through its Flywheel Energy Storage technology. In tandem with this acquisition, Groupe Filatex discloses a strategic partnership with Energiestro to deploy innovative solar storage technology in Madagascar and Mauritius.

Founded in 2001, Energiestro has since then developed its innovative Flywheel Energy Storage technology, which aims to reduce the high costs of energy storage and encourages a better penetration and integration of renewable energy. Flywheels offer an ecological and affordable alternative to traditional stationary batteries, with the Flywheels’ unlimited lifespan, temperature insensitivity, and non-toxic or strategic material use, making them ideal for African countries.

From its new headquarters in Essert in France, this year Energiestro will test its first pilot models, which will be able to store up to 100 kWh daily in the sunniest countries. After raising 10 million Euros from Groupe Filatex, Energiestro will proceed to invest 11.8 euros until 2025, expanding its reach and operations.

Hasnaine Yavarhoussen, Chief Executive Officer of Groupe Filatex, said:

“Together with Energiestro, we are laying the foundations of an ambitious plan to deploy Flywheel Energy Storage technology across Madagascar and Mauritius. There is enormous solar potential in both countries and our partnership will have a tangible impact on the lives of tens of thousands of people. “Through this acquisition and partnership, we aim to combine our expertise with their innovative technology, turning our dream of providing sustainable access to renewable energy into a reality. “Groupe Filatex is committed to harnessing Madagascar’s rich natural resources, particularly solar power, to support sustainable development. This is just one of the many initiatives we are supporting to allow the generations to come a greener and better future.”

The intermittent character of renewable energy, and particularly of solar energy, remains an obstacle to the wider integration of renewables into Africa’s energy mix. Global demand for battery storage is expected to reach 2,300 GWh by 2030, making solutions such as Energiestro’s solar energy storage Flywheel concept particularly appealing. In the context of Africa, traditional batteries have often been presented as the solution to this challenge, however, they remain costly and are not resistant to harsh weather.

Groupe Filatex’s partnership is part of a wider effort to provide renewable solutions that are both innovative and cost-effective for Madagascar, and Africa as a whole.