Electricite de France SA (EDF.FR) plans to invest 8 billion euros ($9.93 billion) in electricity storage until 2035, it said Tuesday.
The company will develop 10 gigawatts of additional storage around the world by 2035, it said. It already operates 5 gigawatts of storage.
EDF will also double its investment in research in this field to EUR70 million in the 2018-2020 period, it said.
EDF Nouveaux Business will invest about EUR15 million, a third of its investments, in startups and projects linked to electricity storage and flexibility over the next two years, it said.
The company aims to be the leading player in Europe, while Africa is also considered a priority market, EDF said.
“Electricity-storage technologies have a potential to radically change the energy sector,” Chief Executive Jean-Bernard Levy said.