It must have been an exceedingly difficult decision as to what % / how much Vanadium we should sell to Woojin, whilst keeping our options open for the (exponentially growing) VRB market. Project Finance being one of the critical decision making drivers of course.
BELMONT, Calif., March 25, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced that it plans to purchase up to 1,000 vanadium flow batteries (over 100 megawatt hours) from Imergy Power Systems, a leader in advanced energy storage solutions. The vanadium flow batteries will be used to store solar-generated electricity for SunEdison's rural electrification and solar powered minigrid projects in India.
"Energy storage is the perfect complement to solar powered minigrids because it enables us to provide dependable, 24/7 electricity," said Ahmad Chatila, President and Chief Executive Officer of SunEdison. "And Imergy's technology is a great fit for rural electrification because their systems are high performance, low cost, ultra-durable and need very little maintenance."
"Imergy is proud to be working with SunEdison to bring electricity to the under-served in rural India," stated Bill Watkins, Chief Executive Officer of Imergy Power Systems. "Imergy's storage systems are safe and sustainable, and provide the lowest cost and most reliable way to store energy for these minigrids."
SunEdison will also increase its equity investment in Imergy. This strengthens the supply relationship between the two companies as SunEdison begins deployment of its extensive rural electrification program in India.
For more information on Imergy's Vanadium Flow Storage Systems, please visit www.imergy.com/technology.
TNG Price at posting:
20.5¢ Sentiment: Buy Disclosure: Held
