Allegro Energy, a battery cleantech, is proud to announce that Origin Energy has taken a 5% equity stake in its business effective immediately. The funding and partnership are intended to support the staged development of a 60MWh pilot Redox Flow Battery (RFB) to be installed at Origin’s facilities. The agreement also gives Origin the option to support Allegro all the way through to funding its first gigafactory.
“This is a powerful endorsement of our proprietary battery technology and an exciting moment for our team,” said Professor Thomas Nann, Allegro’s co-founder and CEO. “Origin’s support will help us develop large-scale manufacturing of our RFBs which will deliver a cleaner, cheaper and safer global storage solution to the worldwide energy market.”
Allegro Energy makes water-based Redox Flow Batteries (RFB) and supercapacitors that are clean, non-flammable, non-corrosive, fully recyclable, with no reliance on scarce materials or complex supply chains. At the core of both products is Allegro’s unique water-based electrolyte that outperforms the current state of the art. This enables energy storage that is much less expensive and much safer than competing technology, opening up the ability to address needs at global scale.
Origin’s head of energy supply and operations, Greg Jarvis said, “We are pleased to be making an investment in what we view as a very promising technology. We believe long duration storage will ultimately play an important role in the energy mix, and we look forward to watching the progress of this trial and seeing how this technology could complement other storage projects within Origin’s portfolio."
Professor Nann said Origin’s stake in the company was strong evidence of the need by energy retailers and others in the sector to answer the long duration energy storage (LDES) challenge, which McKinsey has estimated represents a total addressable market (TAM) of US $3.5 trillion.
About Allegro
Allegro Energy makes water-based Redox Flow Batteries (RFB) and supercapacitors that are clean, non-flammable, non-corrosive and fully recyclable, with no reliance on scarce materials or complex supply chains. At the core of both products is Allegro’s unique water-based electrolyte that outperforms the current state of the art. This enables energy storage that is much less expensive and much safer than competing technology, opening up the ability to address needs at global scale.
Learn more at allegro.energy
Media contact
Jonathan Englert, AndironGroup (Communications)
jonathan@andirongroup.com
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