Protean’s V-KOR project receives funding commitment of $3m
Special report: Protean Energy is rapidly advancing its battery division after being selected to take part in a $US 7 million battery project in South Korea.
The company (ASX:POW) will receive a funding commitment of $AU3million for its share in the project, run by the Korean Institute of Energy Technology Evaluation and Planning (KETEP), which supports technical innovation in the energy sector.
South Korea-based Protean owns half of KORID Energy, a subsidiary which is building modular vanadium redox flow batteries (VRFB) using a technology they’ve dubbed the ‘V-KOR’.
It has already installed a pilot 25kW/100kWh (kilowatt hour) battery at industrial fittings supplier OzLinc Industries in Perth.
The South Korean project is for a 1MW/4MWh (megawatt hour) VRFB. KORID’s technology was chosen because it can delivery 250 per cent more power that Korean competitors.
“The award by KETEP for KORID to supply it’s patented stack technology to such a nationally significant project is further validation of the considerable advancements KORID has made in recent times,” said Protean director Bevan Tarratt.
“We are very pleased to have been awarded the role ahead of such a strong field of energy storage competitors, in a country so focused on the sector.”
The KETEP project will generate the largest VRFB installed in Korea to date.
The project will measure eight key performance specs: stack output, stack power density, electrolyte cost, electrolyte temperature range, battery round trip efficiency, battery life cycles, energy storage system (ESS) substation utilization rate, and total ESS footprint.
Importantly, any extra intellectual property developed during the project will be available for KORID to use to improve its technology.
Even before the project starts they expect the information gleaned will help them double the energy density of vanadium electrolyte, which should significantly reduce the physical footprint of the V-KOR battery solution.
Other expected improvements include reduced the cost of assembly for the 25kW battery stack, a key factor when commercialising large scale applications for the technology.
This special report is brought to you by Protean Energy.
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