Next-generation energy storage technology companies redT and Avalon have merged to form Invinity Energy Systems, to further develop vanadium flow technology as a competitor to the lithium-ion (Li-ion) designs that have come to dominate the market as the global renewables build-out gathers pace.
Invinity believes its battery design, based around a non-flammable, liquid electrolyte held in tanks within a self-contained module, which has a 20-25 year operating life and does not degrade as fast as conventional batteries, will be “well suited to heavy-duty, daily use” storing solar and wind power production.
“The merged company will be a world leader in flow batteries,” said Invinity CEO Larry Zulch. “This gives us the platform to compete head-to-head against incumbent Li-ion giants, and in so doing prove that our robust, safe, non-degrading energy storage solutions are the best option for delivering the world’s ambitious decarbonisation targets.”
Chief commercial officer Matt Harper added: “ Invinity combines the best of British [London,UK-based redT] and North American [Vancouver, Canada-based Avalon] flow battery expertise. By uniting the strengths of the two businesses under one brand, we can realise the huge potential of this game-changing energy storage technology and unlock significant commercial opportunities worldwide.”
Invinity, which will be headquartered in the UK and Canada with regional presence in the US, South Africa and China, is eyeing a global energy storage market forecast for some $70bn in new investment by 2024, and which could grow into a $4.3bn sector by 2028.
Alongside a portfolio of more than 40 flow battery energy storage projects worldwide, the merged company has a development pipeline that includes supplying vanadium flow batteries for Britain’s £50m Energy Superhub Oxford .
Though Li-ion batteries have come to monopolise the energy storage markets in recent years, other technologies based on vanadium flow, liquid air, and hydrogen have been making in-roads to a market Bloomberg New Energy Finance forecast will grow 122-fold from 9GW/17GWh in 2018 to over 1TW/850GWh by 2040.
New battery chemistries were picked out alongside high-temperature heat pumps and green hydrogen by international energy consultancy DNV GL to lead the ‘second phase’ energy transition technologies that will build on the ongoing wind- and solar-powered shift.