Fremont, Calif. -- Imergy Power Systems, formerly Deeya Energy, a pioneer in advanced energy storage systems, has entered into a design services agreement with Flextronics to design modular flow batteries to serve its expanding customer base in the rapidly growing market for energy storage. The two companies are also considering expanding their relationship to include a manufacturing agreement for the flow batteries.
The partnership, one of the first steps in a new global expansion strategy for Imergy Power, will help Imergy accelerate its product pipeline, develop and market a wider variety of products and lower overall costs. The first product from the Imergy/Flextronics collaboration will be a 5kilowatt/30 kilowatt hour system for telecom, hybrid and residential applications to be available in the second quarter of 2014. Utilizing the Company's proprietary Vanadium electrolyte, Imergy has a path to less than $300 per kilowatt hour energy storage products by 2015. In contrast, lithium ion batteries cost $1,200 per kilowatt hour.
In parallel, Imergy is working on its next product, a 250 kilowatt system targeting distribution grid applications including microgrid and integrated Photovoltaic solutions, which is slated for introduction in October 2014. Imergy's products will drive the lowest cost energy storage systems available to these markets.
"Flextronics is one of the world's largest and most successful design and manufacturing services companies," said Tim Hennessy, Executive Vice President Sales & Marketing. "In collaboration with Flextronics, we will be able to de-risk our design while driving out cost, speed execution of our roadmap, and get to market significantly faster. This is a big win for us and our customers."
Imergy Power specializes in a proprietary, Vanadium based flow battery system, the most cost-effective energy storage technology available today. Flow batteries essentially store electricity in a liquid electrolyte that circulates between tanks. The simplicity of the design creates a robust and efficient system that can be charged and discharged completely without impact on its lifespan. Integrated power electronics manage the charging and discharging processes, but the unique architecture allows the system to be scaled up in size by simply increasing the electrolyte volumes. The Imergy product inherently lasts longer than conventional batteries, with lower maintenance costs and fewer thermal management concerns.
California recently issued a mandate for 1.3 GW of energy storage by 2020 and other states like New York are expected to follow suit. Navigant Research anticipates that market for energy storage to support wind and solar alone will grow from $150 million in 2013 to $10.3 billion in 2023.
"We look forward to working with Imergy Power to address the growing need for grid connected energy storage," said Jeannine Sargent, president, Energy at Flextronics. "With our expertise and scale we are able to provide Imergy with supply chain solutions that can help make flow batteries a mainstream product for industrial customers, solar developers and utilities."
To date, Imergy Power has targeted its products primarily as backup solutions for telecommunications providers. Under its new leadership team, Imergy has begun designing products that can be employed to maximize power output from solar arrays, wind turbines, and behind-the-meter grid applications. These new products will manage community microgrids and help industrial and commercial customers reduce peak power to avoid hefty demand charges that can account for 30 percent of their utility bill.
About Imergy Power Systems
Imergy Power Systems is a leader in stationary energy storage using innovative flow battery technology. Its proven Energy Storage Platform (ESP) provides a total solution to reduce energy cost and optimize renewable power generation while improving overall power reliability. Imergy Power Systems is headquartered in Fremont, California, USA, with additional operations in Gurgaon, India. The Company's investors include venture capital firms NEA, Technology Partners, and Blue Run. For more information about the company, please visit www.imergypower.com