The Australian Renewable Energy Agency (ARENA) has invested $4.1 million into Ecoult to develop their home-grown battery storage technology. The global manufacturing deal could see the battery storage enter into the domestic and international markets.
ARENA believes that the Sydney-based company provide useful solutions to Australia’s energy consumption. They aim to lower costs and increase the quality of renewable energy.
Ivor Frischknecht, CEO of ARENA, believes the battery storage system will make renewable energy more dependable as it gives the citizen more control over when they use the electricity.
During the early development of Ecoult’s battery technology, ARENA provided around $580,000 so that they could build their kilowatt-scale battery storage device which they labelled ‘UltraFlex’.
Frischknecht says that the ongoing partnership between ARENA and Ecoult is indicative of how ARENA plans to support local Australian energy companies throughout this process.
“Our support for Ecoult demonstrates how ARENA works across the innovation chain to support research and development and build a vital bridge between commercial adoption and uptake.
“ARENA’s early funding has helped Ecoult progress to the point where it has secured private sector investment and an international manufacturing partnership.”
Ecoult will aim to use the money to expand their engineering team as they seek to improve the technology and shift Australian energy dependency from fossil fuels to renewable energy.
They have also signed a deal with India’s largest battery manufacturer, Exide Industries, for the manufacturing and distribution of the UltraBattery in India and South Asia.
Ecoult CEO, John Wood, thanked ARENA for their continued faith in their project as it has significantly assisted in their attempt to commercialise their battery.
“Over the past 10 years, since our inception at CSIRO, and with the assistance of the critical funding from ARENA, our team has developed energy storage systems to enhance renewable adoption in Australia,” Mr Wood said.
Wood continues by arguing this has altered people’s perception about the application of energy storage. This will prove to be another step towards Australia’s renewable energy future.