June 6, 2018
Lithium battery technology startup Cadenza Innovation (Wilton, CT) is to develop a demonstration battery system as part of a 1.5GW scheme in New York state.
The funding from the New York State Energy Research and Development Authority (NYSERDA) will be used for a stand-alone lithium ion battery system that includes a rack-mounted 200kWh, 50kW battery storage unit by the autumn of next year.
“Forward thinking demonstration projects such as this one will help begin New York’s progress to meeting Governor Cuomo’s bold goal of deploying 1500 megawatts of advanced energy storage in New York by 2025,” said Alicia Barton, President and CEO of NYSERDA. “Energy storage projects provide operational flexibility to enhance system reliability, reduce costs associated with meeting peak load, and facilitate better integration of renewable energy—it’s a key tool for meeting New York’s bold vision for a cleaner, more resilient and more affordable electric system for all New Yorkers.”
Bloomberg New Energy Finance predicts that the global storage market will see $103bn in investment in the next decade.
Cadenza is initially targeting the utility/grid storage and electric vehicle (EV) markets with its multicore Li-ion battery cell structure, the supercell, that reduces production and manufacturing costs, overcomes safety issues and improves the energy density of Li-ion batteries.
“The world is moving beyond fossil fuels and traditional power plant infrastructures, with utility-scale batteries emerging as a core component for renewable electricity,” said Dr. Christina Lampe-Onnerud, founder and CEO of Cadenza Innovation. “The cost savings achieved by lithium-ion alone are undeniable. By combining that with technology and design that substantially improves safety and energy density, we’re providing a first-to-market, scalable platform to address today’s energy concerns.”