Israeli start-up EnStorage is reported to have signed an R&D agreement with international energy management company Schneider Electric and French energy corporation Areva to develop a renewable energy storage system. The cooperation agreement is for the development of a renewable energy storage system with sales potential in 135 countries around the world.
Moran Buganim-Gold, head of the energy arena at Israel NewTech, congratulated Enstorage on this significant development: “This deal is not only an important step for Enstorage, but it also highlights the significant potential of Israeli renewable energy technology companies, just as we are about to kick off Israel Energy Week.” Israel Energy Week will begin December 2nd and include various events in the alternative energy arena throughout Israel.
Enstorage’s development has been facilitated by government support – the company announced in January that it was awarded a $950,000 grant from the Israel-U.S. Binational Industrial Research and Development Foundation (BIRD), in cooperation with Princeton Power Systems of the U.S., for the commercialization and deployment of EnStorage’s Hydrogen Bromine Flow Battery.
Globes recently reported on the latest deal signed with Schneider Electric and Areva:
The system that is to be developed will allow energy manufacturers, wind farms, and renewable energy manufacturers and operators to store from 150 kilowatts up to many megawatts of energy for six hours or more.
The system will be built in late 2015, and will be sold to end users in late 2016. The product will be integrated with Schneider Electric Global clients, with worldwide sales potential including Israel.
The agreement comes at a time when national energy management corporation Schneider Electric, which operates in 100 countries around the world, including Israel, began a search for entrepreneurial companies that provide new solutions in the field. Ultimately, out of all the companies that were considered, Schneider Electric chose Israeli start-up EnStorage.
Schneider Electric Israel President Philippe Brami says that Schneider Electric Israel works hard to promote Israeli entrepreneurs and start-ups in the parent company (Schneider Electric Global), because it recognizes the vast development and entrepreneurial potential that Israel has to offer Schneider Electric’s operations.
EnStorage CEO Arnon Blum said, “The solution will help to maximize profits between electricity production costs and the time the electricity is consumed, will stabilize the electricity network, and will effectively optimize electricity costs in every place we operate.”
Schneider Electric is an international company that specializes in energy management. The company is based in France, and is traded on the Paris Euronext stock exchange. The company has more than 150,000 employees worldwide. The company offers combined solutions in the fields of energy and infrastructures, industrial processes, building inspection, data centers, and has a broad presence in residential and smart-house applications. Schneider Electric began operating directly in Israel in 1985, and has 150 employees in Israel.
Areva is a French energy corporation that has more than 46,000 employees, and provides advanced technological solutions for low-carbon electricity production. The company was ranked in first place in the global nuclear energy industry and has expressed its desire to expand its offering of existing solutions in the field of renewable energy: wind, bioenergy, solar energy, and energy storage.
For the full Globes article click here.