Imergy Power Systems and Flextronics to Collaborate on Advanced Energy Storage Solutions
FREMONT, CA, Dec 02, 2013 (Marketwired via COMTEX) --
Imergy Power Systems, formerly Deeya Energy, a pioneer in advanced
energy storage systems, has entered into a design services agreement
with Flextronics to design modular flow batteries to serve its
expanding customer base in the rapidly growing market for energy
storage. The two companies are also considering expanding their
relationship to include a manufacturing agreement for the flow
The partnership, one of the first steps in a new global expansion
strategy for Imergy Power, will help Imergy accelerate its product
pipeline, develop and market a wider variety of products and lower
overall costs. The first product from the Imergy/Flextronics
collaboration will be a 5kilowatt/30 kilowatt hour system for
telecom, hybrid and residential applications to be available in the
second quarter of 2014. Utilizing the Company's proprietary Vanadium
electrolyte, Imergy has a path to less than $300 per kilowatt hour
energy storage products by 2015. In contrast, lithium ion batteries
cost $1,200 per kilowatt hour.
In parallel, Imergy is working on its next product, a 250 kilowatt
system targeting distribution grid applications including microgrid
and integrated Photovoltaic solutions, which is slated for
introduction in October 2014. Imergy's products will drive the lowest
cost energy storage systems available to these markets.
"Flextronics is one of the world's largest and most successful design
and manufacturing services companies," said Tim Hennessy, Executive
Vice President Sales & Marketing. "In collaboration with Flextronics,
we will be able to de-risk our design while driving out cost, speed
execution of our roadmap, and get to market significantly faster.
This is a big win for us and our customers."
Imergy Power specializes in a proprietary, Vanadium based flow
battery system, the most cost-effective energy storage technology
available today. Flow batteries essentially store electricity in a
liquid electrolyte that circulates between tanks. The simplicity of
the design creates a robust and efficient system that can be charged
and discharged completely without impact on its lifespan. Integrated
power electronics manage the charging and discharging processes, but
the unique architecture allows the system to be scaled up in size by
simply increasing the electrolyte volumes. The Imergy product
inherently lasts longer than conventional batteries, with lower
maintenance costs and fewer thermal management concerns.
California recently issued a mandate for 1.3 GW of energy storage by
2020 and other states like New York are expected to follow suit.
Navigant Research anticipates that market for energy storage to
support wind and solar alone will grow from $150 million in 2013 to
$10.3 billion in 2023.
"We look forward to working with Imergy Power to address the growing
need for grid connected energy storage," said Jeannine Sargent,
president, Energy at Flextronics. "With our expertise and scale we
are able to provide Imergy with supply chain solutions that can help
make flow batteries a mainstream product for industrial customers,
solar developers and utilities."
To date, Imergy Power has targeted its products primarily as backup
solutions for telecommunications providers. Under its new leadership
team, Imergy has begun designing products that can be employed to
maximize power output from solar arrays, wind turbines, and
behind-the-meter grid applications. These new products will manage
community microgrids and help industrial and commercial customers
reduce peak power to avoid hefty demand charges that can account for
30 percent of their utility bill.
About Imergy Power Systems
Imergy Power Systems is a leader in stationary energy storage using
innovative flow battery technology. Its proven Energy Storage
Platform (ESP) provides a total solution to reduce energy cost and
optimize renewable power generation while improving overall power
reliability. Imergy Power Systems is headquartered in Fremont,
California, USA, with additional operations in Gurgaon, India. The
Company's investors include venture capital firms NEA, Technology
Partners, and Blue Run. For more information about the company,
please visit www.imergypower.com
Imergy Power Systems, Inc.
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SOURCE: Imergy Power Systems, Inc.
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