Alevo Opening US Operation Soon

Posted by on Oct 28, 2014

Alevo Opening US Operation Soon

10.28.14 Alevo pulls back the curtain on its batteries for the grid

Alevo Group, which has kept its energy storage technology secret for a decade, unveiled it on Tuesday, and said it has struck deals aimed at deploying its batteries in power grids in China and Turkey.

Aleveo ‘s chief executive, Norwegian entrepreneur Jostein Eikeland, made the announcement in front of 500 people at a North Carolina factory it bought earlier this year.

The company’s batteries would store excess electricity generated by power plants.

Alevo said it has $1 billion in funding from anonymous Swiss investors and has accepted no government incentives. It plans to hire 2,500 people within three years.

The Martigny, Switzerland-based company has yet to sign up any U.S. customers but said on Tuesday that it has reached a deal with China-ZK International Energy Investment Co Ltd, which will promote and commercialize Alevo’s energy storage systems in China.

Alevo has also formed a joint venture with Washington-based international construction and project management firm The Sandi Group and Turkish infrastructure service provider RBM to deploy its batteries in Turkey.

Eikeland had kept Alevo’s technology secret for more than a decade. Onstage at Tuesday’s event, he opened a curtain to reveal a storage container filled with lithium iron phosphate Alevo batteries.

The company calls the containers GridBanks, meaning they can “deposit electrons and take them out when we need it,” Eikeland said.

Alevo said its batteries are better than anything else on the market because they last longer and contain an inorganic electrolyte that reduces the risk of burning. The company is offering a 20-year warranty on its batteries.

Alevo has teamed up with manufacturer Parker Hannifin Corp , which developed the power conversion systems for the GridBanks.

Grid storage has become critical as more renewable energy – such as solar power or wind power – is introduced into the world electricity supply. Batteries can store power generated during windy nights to use during the day when the wind may not be blowing, or can extend solar power into the hours after the sun goes down.

But the technologies needed to store large amounts of power are too expensive to deploy on a massive scale. Alevo says it will change that because its batteries can be charged and discharged four times as much as rival technologies.

Alevo’s products will compete with those of established manufacturers like Samsung and France’s Saft Groupe SA as well as a handful of privately held startups like Enervault and Primus Power. (Reporting By Nichola Groom; Editing by Jonathan Oatis)

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