IPM has made the fifth investment under its IPM Growth initiative in Energy Storage Solutions Inc. (“ESS”), a US-based technology company developing a low-cost, environmentally-friendly, utility-scale energy storage solution. Using its proprietary iron-chloride flow battery (“IFB”) technology, ESS provides a reliable energy storage solution capable of immediate dispatch, and with beyond four hours storage capacity.
ESS’ IFB technology has been developed by a team of experts and entrepreneurs with extensive experience in fuel cells, electrochemistry, advanced material science and renewable energy. The IFB’s non-corrosive electrolyte both reduces the cost of production and maintenance, as well as providing a lifespan of more than 20 years with negligible charge cycle degradation.
ESS has already commercially deployed multiple turn-key systems with the oldest one having been in operation for almost two years. The IFB is particularly advantageous in off-grid and micro-grid systems, or where there is energy demand in weak grid situations, for bulk load shifting and ensuring continuity of energy supply. It can be rapidly integrated into renewable energy systems for balancing peak and off-peak electricity demand, which is of particular importance as countries increase the amount of energy produced from cyclical renewable sources. ESS will also target behind-the-meter commercial-scale energy users that have a need for longer-term storage with a long cycle life, which current technologies such as lithium-ion cannot provide.
IPM Growth’s investment in ESS is founded on the belief that their solution will disrupt the global energy market to become a leader in energy storage solutions, and that both ESS and IPM will benefit from the many synergies that exist between ESS’ IFB technology and IPM’s infrastructure experience for progressing the development of renewable energy projects around the world.