Quarterly Activities Report
Perth, July 28, 2023 AEST (ABN Newswire) - Altech Batteries Ltd (
ASX:ATC) (A3Y:FRA) announced the release of preliminary battery specifications for its CERENERGY 60 kWh (ABS60) and 1 MWh (ABS1000) GridPack battery products. Collaborating closely with its joint venture partner, Fraunhofer IKTS ("Fraunhofer"), Altech has developed these specifications to cater to the evolving needs of the renewable energy and grid storage market. These preliminary specifications serve as a significant milestone for Altech, enabling the company to initiate discussions with potential off-take partners and secure future sales in the lucrative and growing grid storage battery market.
The increasing demand for renewable energy sources, coupled with the intermittent nature of renewable power generation, has underscored the critical need for efficient and reliable energy storage solutions. Grid storage batteries have emerged as a key enabler for balancing energy supply and demand, ensuring stable power delivery, and maximising the utilisation of renewable energy sources.
The transition of countries like Germany to a power system heavily reliant on weather-dependent renewables is reaching its limitations, a challenge that all nations adopting wind and solar energy will eventually confront. The absence of sunlight and wind for prolonged periods raises concerns about power supply. Additionally, the short, dark, and cold days of midwinter pose a specific problem for meeting countries' power demand through renewables.
In addition to shortages, surpluses also pose a significant issue.
On days when sunlight is abundant, but demand is low, excess power is discharged to the ground. This results in substantial wastage of electrical power. Germany alone wastes approximately EUR 2 billion annually due to this discharge.
Similarly, the state of California wastes approximately US$3 billion of renewable energy each year due to surpluses or lack of grid capacity to bring the power to where it is needed. Excess power in the grid can lead to negative prices, compelling grid operators to pay customers to consume electricity. The expansion of renewables amplifies the volatility within the system. Grid battery storage is crucial to maintain a delicate balance in power supply to ensure a stable and reliable energy infrastructure, whilst accommodating the fluctuations inherent in renewable energy sources.
The grid energy storage market is expected to grow by a 28% compound annual growth rate in the coming decade.
The global grid energy storage market is expected to grow from USD 4.4 billion in 2022 to USD 15.1 billion by 2027. Or further out, growth is expected from 20 GW in 2020 to over 3,000 GW by 2050.
Altech recognises the potential of the grid storage battery market and aims to contribute to its growth and development through the introduction of its CERENERGY battery products.
Altech has developed cutting-edge battery specifications that meet the specific requirements of this sector. The preliminary specifications for the CERENERGY 60 kWh (ABS60) battery pack, as well as the 1 MWh (ABS1000) GridPack battery products, are in the link below*.
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/B42VT61W
About Altech Batteries Ltd
Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.
The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.
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