Thursday, February 23, 2012
SUNNYVALE, Calif., Feb. 23, 2012 /PRNewswire/ -- EnerVault Corporation today announced the completion of a $15.5 million Series B financing, bringing total funding to date to $24.5 million. The company's investors include Mitsui Global Investment (MGI), Total Energy Ventures (affiliate of French oil & gas major Total), 3M Company, TEL Venture Capital (the U.S. investment arm of Tokyo Electron), Commercial Energy of California, Oceanshore Ventures and US Invest, LLC. The investor funds complement the company's grant awards totaling $5.5 million from the U.S. Department of Energy (DOE), California Energy Commission (CEC) and New York State Energy Research and Development Authority (NYSERDA). EnerVault is developing energy storage systems based on a novel redox flow battery technology.
According to market research firms Boston Consulting Group and Pike Research, the stationary energy storage market is expected to grow to more than $10 billion over the next five years. Analysts expect more than 30 percent per year growth based on the increased use of advanced battery technologies to stabilize the electric grid, supplement new smart-grid technologies and enable the wide-scale use of wind and solar energy.
"Redox flow batteries are creating a new paradigm for grid-scale energy storage," said Richard See, Investment Partner at MGI. "Because you scale the power independently of energy storage capacity, you can tailor the system to the needs of the application. EnerVault's approach expands upon the fundamental configuring and sizing benefits of flow batteries to yield the best approach for utility-scale electricity. The more energy needed, the lower the costs, so it's ideally suited for a number of situations where more than an hour or two of storage is needed."
"There is a high level of interest in our systems for addressing the stationary energy storage market," commented EnerVault CEO and Co-Founder Dr. Craig R. Horne. "Utilizing our patented Engineered Cascade™ technology, we are able to develop large-scale energy storage systems needed in a variety of applications with an unmatched combination of cost-effectiveness, safety and reliability."
"We see very significant opportunities for stationary energy storage systems to complement renewable energies and improve grid reliability and overall energy supply," said Manoelle Lepoutre, Senior Vice President Sustainable Development and Environment of Total and President of Total Energy Ventures International. "EnerVault's innovative technology addresses the key issues needed to integrate storage onto the grid or to complement intermittent renewable energy projects."
The latest round of funding augments grant awards from the DOE ARRA Storage Demonstration program to establish pilot manufacturing capability and enable the completion of EnerVault's first installation. The one megawatt-hour system will be installed with partner Raytheon Ktech at a solar installation located near Turlock, Calif.
EnerVault, a privately held company founded in 2008, is developing highly flexible, very large electric energy storage systems that are inherently safe, reliable and cost-effective for large commercial and industrial facilities, renewables support and utility grids. The company's mission is to promote the wide-scale use of energy storage; make possible the expanded use of renewable energy such as wind and solar by compensating for intermittent output; allow smart grid technologies to stabilize the grid and reduce blackouts by matching load demand and capacity as needed; reduce service interruptions caused by grids exceeding capacity; support micro-grids; and substitute fossil-fuel based peak capacity plants with clean, emissions-free electricity.
EnerVault's grid-scale energy storage systems are based on the company's patented Engineered Cascade™ technology that transforms an inherently safe redox flow battery chemistry into highly economical and reliable storage solutions. With a world-class team led by energy storage experts, the company has been recognized for its innovation by industry and investor groups. EnerVault has operations and headquarters in Sunnyvale, Calif. For more information, visit www.EnerVault.com.
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