Since their invention in 1800 by Alessandro Volta, batteries have become a common power source for houses and industrial applications and history has proven that modern society cannot live without them.
The collaboration of Switzerland-based private equity fund Micro Finance Investment AG with a mysterious unnamed company, will result in an important new concept on the battery market. Eight months from now a new battery technology will be released on the market capable of storing up to one megawatt of power.
In order to protect their discovery up to the time when it will appear on the market, Micro Finance chief financial officer Andreas Stamatiou refused to name the company that has developed the technology but he revealed 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. We are targeting the smart grid and energy infrastructure market, as well the market for on site back-up power.”
The new battery technology is very likely to appeal to wind and solar power to minimise the impact of intermittent energy output: “A battery of this scale is perfectly suited for renewable energy such as wind farms and the proposed Destertec project to build solar farms in North Africa,” said Stamatiou.
Megawatt-scale battery technology is not new, few projects developed it previously but never made it as a viable solution because of the high costs. But Micro Finance is very confident that the new technology will be “commercially viable” as the company behind the system is already in negociations with potential manufacturing partners that could make the technology appear on commercial scale within two years:”We are able to produce a small number of batteries now and will be able to deliver the first models within eight months. Building a factory will take 18 months so we would look to have the system available at scale within two years. The potential market for this technology is huge and in the next five years we could build a billion-euro company.”