Investors behind the first commercially viable 1MW scale battery said that an unnamed firm is just six months away from introducing the new battery technology. Switzerland-based private equity fund Micro Finance Investment AG announced that it plans to present a new lithium polymer cell 1MW battery system early next year alongside an anonymous company that is developing the technology.
Speaking to BusinessGreen.com, Micro Finance chief financial officer Andreas Stamatiou refused to name the company that has developed the technology, revealing only that it is a "world-renowned" firm. "We have been investing in the development of this technology for four years and it is now ready for production," he said. "We are targeting the smart grid and energy infrastructure market, as well the market for onsite back-up power."
The breakthrough technology will appeal to wind and solar energy developers looking to minimize the impact of irregular energy production. A number of research projects globally have already developed MW-scale battery technologies, but adoption has been hampered by the high cost of such systems.