American and Israeli firm Arotech Corporation, a provider of defense and security products for the military, law enforcement and homeland security markets, announced that its Power Systems Division has received the support of the Israel Office of the Chief Scientist (OCS) for its Grid Storage Flow Battery Program. The non-dilutive OCS funding is for $750, 000 and is intended to cover thirty percent of the first year’s budget.
The company declares that the Iron/Iron flow battery is intended to create an affordable technology that delivers a reliable on-demand supply of stored energy that accommodates the highly variable nature of renewable energy sources, acts as a back-up during power disruptions and also as a load-leveler for conventional power sources balancing between supply and demand. The resultant product is expected to be very safe, have a long operating life and a very low system cost versus competing technologies at below $250/kWh, due to its use of Iron, an abundant element.
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“The program approval and financial support of the OCS is a solid endorsement from the highest levels for our novel Iron/Iron flow battery concept, ” commented Arotech’s President and Chief Executive Officer, Steven Esses. “We have made great progress in our development since we initiated this program a year ago, and we are optimistic that this technology can be a key enabler for renewable energy. While we still have a number of years of development ahead, we very much believe that we are creating a game changing technology for the power generation markets, with massive potential.”
“Given the novel nature of our technology as well the very significant market potential that our grid storage solution addresses, the Office of the Chief Scientist in Israel chose to fund our development, ” commented Ronen Badichi, President of the Power Systems Division – Europe and Asia. “Our development plans are progressing well and we continue to meet our interim development goals. We recently increased the energy density towards our end-target levels, while improving the overall efficiency of our technology. With the added support of the Chief Scientist in Israel, we are on track to demonstrating a full working lab model in the coming several months.”