Peak Energy Shaving Project to Integrate Startup’s Field-Proven, Patented, Energy-Optimized Lithium-ion Storage System to Help Reduce Demand on New York’s Power Utilities
WILTON, Conn. – June 5, 2018 – Cadenza Innovation, the pioneering provider of energy storage solutions for license to lithium-ion (Li-ion) battery manufacturers, has been awarded funding for a demonstration project to further New York State’s nation-leading clean energy goals and support Governor Andrew M. Cuomo’s energy storage target of 1500 megawatts in New York State by 2025. The New York State Energy Research and Development Authority (NYSERDA) is funding the initiative, which will be located at the New York Power Authority’s (NYPA) headquarters in White Plains.
The demonstration project will be a stand-alone system that includes a rack-mounted 200kWh, 50kW battery storage unit and will feature Cadenza Innovation’s Li-ion supercell technology, a unique design delivering high energy and improved safety at low cost. The project is expected to be completed by fall 2019.
Alicia Barton, President and CEO of NYSERDA said, “Forward thinking demonstration projects such as this one will help begin New York’s progress to meeting Governor Cuomo’s bold goal of deploying 1500 megawatts of advanced energy storage in New York by 2025. Energy storage projects provide operational flexibility to enhance system reliability, reduce costs associated with meeting peak load, and facilitate better integration of renewable energy—it’s a key tool for meeting New York’s bold vision for a cleaner, more resilient and more affordable electric system for all New Yorkers.”
“NYPA is continually evaluating and deploying new and innovative technologies that enable us to have access to better, cleaner, more cost-effective grid services for our operations as well as our customers,” said Gil C. Quiniones, President and CEO of NYPA, the nation’s largest state-owned electric utility. “This innovative battery technology will take us another step closer to greater integration of intermittent renewable resources and serve as yet another compelling example of New York State’s commitment to its citizens and a cleaner environment.”
New York State has access to some of the world’s most promising wind and solar energy resources. To fully capitalize on those, next-generation energy storage solutions will be required. Integrating Cadenza Innovation’s technology into commercial-grade battery pack systems is one way to help the State achieve its aggressive utility grid and peak energy shaving goals. Doing so can benefit providers, businesses and consumers alike.
Bloomberg New Energy Finance predicts that the global storage market will double six times by 2030, with $103 billion in energy storage investment during that period. Utility-scale projects and behind-the-meter applications will experience the storage sector’s strongest revenue growth, according to Navigant Research. Additionally, GTM Research/Wood Mackenzie expects that natural-gas peaker plants used by utilities to manage grid loads “will become increasingly rare. In 10 years, it’s possible they’ll stop getting built altogether.”
Cadenza Innovation was founded in 2012 by a team of the world’s pre-eminent Li-ion battery experts to develop a low cost, safe, high-performance battery technology platform for license to global manufacturers. The company is initially targeting the utility/grid storage and electric vehicle (EV) markets. Cadenza Innovation’s recently patented multicore Li-ion battery cell structure, the supercell, serves as the cornerstone of its novel architecture and provides unparalleled simplification in battery pack design. That, in turn, greatly reduces production and manufacturing costs, overcomes safety issues and improves the energy density of Li-ion batteries.
“The world is moving beyond fossil fuels and traditional power plant infrastructures, with utility-scale batteries emerging as a core component for renewable electricity,” said Cadenza Innovation Founder and CEO Dr. Christina Lampe-Onnerud, who transitioned in 2014 from her role at Bridgewater Associates to focus on the company full-time. “The cost savings achieved by lithium-ion alone are undeniable. By combining that with technology and design that substantially improves safety and energy density, we’re providing a first-to-market, scalable platform to address today’s energy concerns.”
Among the world’s foremost authorities on battery chemistry and design, Dr. Lampe-Onnerud is a 20-year battery industry expert. A World Economic Forum Technology Pioneer, she has shared insights into energy storage and climate change at Davos and for various United Nations groups. She is also an Ernst & Young Entrepreneur Of The Year Hall of Fame winner, an MIT Technology Review Young Innovator award recipient and has earned multiple distinctions for her commitment to environmental sustainability.
About Cadenza Innovation, Inc.
Founded in 2012 by a team of the world’s pre-eminent lithium-ion battery experts with more than 125 patents, Cadenza Innovation is capitalizing on its intellectual property, field-proven operational and mass production expertise and partner network to establish itself as a leader in low cost, safe and energy dense storage solutions. Licensing its technology for immediate access, company executives have held key roles at lithium-ion battery cell, pack and system provider Boston-Power, investment firm Bridgewater Associates, consulting firm Arthur D. Little and other globally respected organizations. Cadenza Innovation is backed by more than $10 million in oversubscribed Series A funding led by Golden Seeds and has earned funding from the U.S. Department of Energy and the states of New York, Connecticut and Massachusetts. Headquartered in Wilton, Connecticut, the company has advanced technology development labs at 1 Duracell Drive in Bethel, CT. For more information, visit www.cadenzainnovation.com.