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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Uma Rajagopal

    Posted on April 16, 2024

    Featured image for article about Top Stories

    Jaguar develops energy-storage unit using Range Rover batteries

    By Nick Carey

    LONDON (Reuters) – Jaguar Land Rover has developed a mobile energy storage unit for sale in partnership with UK startup Allye Energy using used batteries from plug-in hybrid Range Rover models, the two companies said on Tuesday.

    The companies said a single Allye MAX Battery Energy Storage System (BESS) uses second-life batteries from seven Range Rover and Range Rover Sport plug-in hybrid vehicles (PHEV) and can store 270 kilowatt hours (kWh) of energy, or enough to power a British home for close to a month.

    The European Union has mandated that over the next decade a growing proportion of materials in EV batteries must be recycled and that automakers focus on second-life uses for batteries – such as energy storage that uses healthy batteries that no longer have sufficient power to move EVs a long distance.

    The MAX BESS can charge up to nine Range Rover PHEVs at a time and can be recharged using a standard EV charger.

    JLR said the storage unit can replace a diesel generator and the first one will be used by the automaker’s engineering team for tests of the new Range Rover Electric that is due to launch later this year.

    “Developing second-life battery projects like this is crucial if we want to make sustainability real in JLR,” Reuben Chorley, JLR’s director for sustainable industrial operations, said in a statement.

    In January Synetiq, the UK’s largest vehicle salvage company, said it would provide salvaged EV battery packs for Allye to use in energy storage units.

    (Reporting by Nick Carey; Editing by Susan Fenton)

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