Protean Energy plans to acquire 50% stake in flow battery manufacturing company KORID Energy as part of its strategy to offer hybrid energy solutions in the transition from fossil fuels to clean energy.
Protean has agreed with its Korean joint venture partner Korea Resource Investment & Development (KORID) to acquire 50% stake in KORID’s wholly owned subsidiary KORID Energy which has developed a suite of flow batteries from 2kW to 25kW.
The battery developed by KORID Energy, known as Vanadium Redox Flow Battery Energy Storage System (VRFB-ESS), is expected to drive the adoption of clean energy solutions more widely by eliminating concerns about the intermittency of renewable energy, Protean said.
Stephen Rogers, Managing Director of Protean, said: “The potential of VRFB-ESS to store large quantities of energy for extended periods of time make it the ideal solution to power grid scale energy projects. Incorporating a storage solution into our offering will deliver Protean a genuine competitive advantage and is consistent with our strategy focusing on providing clean, affordable and reliable energy.”
As part of the acquisition, KORID will fund the first three months of commercialization and development activities, with Protean taking the responsibility for the following three months at the same expenditure level, according to Protean.
After that, the two parent companies will fund the development equally, with definitive agreements set to be finalized by January 20, 2017.
Subject to completion of the acquisition, a 25kW battery will be assembled for deployment to a trial site in Australia.
Protean Energy is a Perth-based clean energy developer, focused on commercializing its Protean wave energy converter.