Valence Technology, Inc. (NASDAQ: VLNC), a U.S.-based manufacturer and supplier of lithium iron magnesium phosphate energy storage solutions, and S&C Electric Company, Chicago-based developer of products and services for the stationary electric power industry have agreed to co-develop products for stationary grid-connected electrical energy storage systems.
The companies signed a Memorandum of Understanding (MOU).
Jim Sember, Vice President of S&C’s Power Quality Products Division, said, "Renewable energy sources like wind and solar introduce ongoing and unpredictable power variations. The incredibly fast response of advanced battery storage systems allow for compensation of these fluctuations at a level not possible with today’s fossil generation plants."
"There are tremendous growth opportunities for Valence Technology in the stationary energy storage market," said Robert L Kanode, President and CEO, Valence Technology. "Collaboration with S&C Electric Company will assist us in developing the right products for the right applications with advanced Valence Technology."
Last week Valence signed an MOU to develop modular and scalable battery systems compatible with Siemens’ (NYSE: SI) ELFA® Hybrid drive marine propulsion system.
The Austin, Texas-based company is seeking millions in federal stimulus funding to build two battery and component production facilities in Texas.
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