Energy Storage Systems (ESS)
Energy Storage Systems, Inc. (“ESS”) is U.S. based, low-cost, environmentally-friendly, utility-scale energy storage technology producer. By using its proprietary iron-chloride flow battery technology, ESS aims to provide a reliable, low CAPEX and OPEX storage solution capable of immediate dispatch.
About Energy Storage Systems (ESS)
Energy Storage Systems, Inc. (“ESS”) is U.S. based, low-cost, environmentally-friendly, utility-scale energy storage technology producer. By using its proprietary iron-chloride flow battery technology, ESS aims to provide a reliable, low CAPEX and OPEX storage solution capable of immediate dispatch. ESS batteries have commercial, military and utility applications, and are targeting an addressable market which is expected to reach more than US$8bn by 2026. Bloomberg New Energy Finance predicts that by 2024, energy storage solutions will have reached significant levels of grid penetration in many key utility markets, and that the global market for energy storage products will have doubled six times by 2030.
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. The ESS IFB combines abundant and cost-effective materials with an innovative cell design that dramatically increases power density and enables a more efficient power stack. The electrolyte in ESS batteries is both cost effective and non-corrosive, significantly reducing the effects of charging cycle degradation and providing a more than 20-year life cycle that requires minimal maintenance, to match the lifespan of most renewable energy generation equipment (e.g. solar panels and wind turbines).
ESS has already deployed several systems, with the oldest one having been in operation for almost two years. 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 invested in ESS in partnership with Presidio Partners, an established Silicon Valley Venture Capital investor, and the investment will help ESS to continue optimising its product and manufacturing processes, as well as grow its sales and distribution functions. Other investors participating in this financing round included BASF and Cycle Capital Management.