Californian redox flow battery firm EnerVault Corporation is seeking new owners after failing to secure funding for its second phase of development.
The company aims to attract owners to fund completion of its second generation system development and full scale commercialisation launch, after the present owners were ‘unable to’.
In what read a little like a second hand car advertisement, the company’s CEO Ronald Mosso listed the company’s qualities in a letter posted on the firm’s website on April 13.
EnerVault’s redox flow battery technology has been successfully demonstrated in the field at the megawatt-hour scale, the letter stated.
It went on to say: the company had met U.S. Department of Energy project objectives, met or exceeded design performance targets, had a world-class team with experience in electrochemistry, energy systems, and global energy markets.
Mosso wrote in the letter: “Policy changes and utility adoption of large scale, long duration energy storage systems have not come fast enough for EnerVault to complete the financing of the last steps of its development and commercialisation program.”
The company has intellectual property around iron-chromium chemistry, redox flow battery architecture, energy storage control systems.
It has also established strategic supplier partnerships and completed commissioning and third-party certification testing of its iron-chromium redox flow battery at its field site near Turlock, California.