A South Korean small and medium-sized company developed vanadium redox flow battery that does not have any fire risk and can be used for a long period of time and built a testing center to commercialize the battery. This development and commercialization are expected to vitalize South Korea’s energy storage system (ESS) industry that has shrunk due to a series of fire and explosion.
Hi Group (CEO Park Jae-dong), which specializes in ESS, announced on Thursday that it developed vanadium redox flow battery and is operating a testing center for the battery.
Flow battery is a battery system that is charged and discharged as active materials out of electrolyte go through oxidation-reduction reaction and it is electrochemical secondary battery that directly stores energy from electrolyte as electric energy. It is seen as the safest ESS that does not cause any fire or explosion. It can be used to control peak load, adjust frequency, supplement intermittency of renewable energy, and manage demands.
Hi Group was able to develop vanadium redox flow battery by working with Chonnam National University, Hoseo University, Korea Electronics Technology Institute, Korea Institute of Industrial Technology, IBT, and ILDO F&C. It was also able to secure competitive edge in price and it received “July’s successful new technology award” from Korea Evaluation Institute of Industrial Technology.
The company is planning to connect its flow battery that stores energy into aqueous electrolyte to solar power, wind power, and bio-gas generation and regeneration power. It expects that it will be able to participate in the government’s “Renewable Energy 3020” and “Green New Deal” projects.
The company’s flow battery ESS testing center, which is located within the Gwangju Industrial Complex, is linked to solar energy and it controls output and flow rate of flow battery ESS and minimizes internal pressure and pump power consumption and provides high efficiency. Through long-term testing, it will complete its battery’s performance and establish a full-scale production system in the second half next year.
It predicts that flow battery will be responsible for 20% of the global ESS market that is estimated to be worth $5.5 billion this year.
“Multi-purpose flow battery can be used for various purposes due to its high levels of safety and efficiency.” CEO Park Jae-dong. “By testing our battery through power plants in South Korea and Korea Electric Power Corporation and foreign companies, we are going to spur our business so that we can lead the market.
Staff Reporter Kim Hansik | firstname.lastname@example.org