TEXEL and AltaSea to bring urgently needed new energy storage technology to the California market

STOCKHOLM, Feb. 2, 2022 /PRNewswire/ -- Cost-effective and circular energy storage is needed to utilize renewable energy and move away from fossil fuels. Markets like California have reached the end of the road; it is not possible to add more wind and solar power to California without adding an energy storage solution. TEXEL and the Port of Los Angeles based innovation hub, AltaSea, have teamed up to demonstrate TEXEL's long duration energy storage technology in Los Angeles.

TEXEL energy storage battery technology was named "the success story beyond lithium-Ion batteries" at the energy storage summit at SLAC National Accelerator Laboratory in Silicon Valley by innovation X-Labs. In a report produced by Savannah River National Laboratory (SRNL) and Department of Energy (DOE); it stated that the TEXEL technology will potentially become more than 90% more cost effective than Lithium-Ion in large scale and long duration energy storage solutions.

AltaSea, at the Port of Los Angeles was founded with the primary purpose of accelerating scientific collaboration, advancing an emerging blue economy through business innovation and job creation. On 30th January 2022, AltaSea signed an agreement with TEXEL Energy Storage to demonstrate a large new scale energy storage/battery technology with the purpose to cover three different important market segments.

"We are happy and proud to announce the collaboration with AltaSea, as our joint mission is to find technology solutions to replace the usage of fossil fuels, decrease CO2 and by doing so prevent further global warming. This is an urgent matter, and we need to bring solutions to the market now, not tomorrow," said Lars Jacobsson, founder and CEO of TEXEL Energy Storage.

TEXEL and AltaSea will work together to bring in commercial stakeholders, such as utilities, to demonstrate the long duration energy storage solution. The aim is to demonstrate TEXEL's technology in three consecutive steps, where each step has a specific role in the future energy market.           

• TEXEL Gen I - Electric Only – The large volume electric grid market will grow as increasing industrial volumes cut energy storage unit cost. Segment constitutes large buyers of storage solutions customers ranging from energy companies to local and state governments. This market size is estimated at a minimum of $4 trillion.
• TEXEL Gen II - Combined Heat & Power (CHP) – Industry and residential buildings is another enormous market segment with many mid-sized and large customers reachable through retail or similar distribution channels. The system will create the opportunity to create independence behind the meter for American households.
• TEXEL Gen III - CHP Hybrid – Microgrids, covering critical buildings such as hospitals and fire stations and the automotive industry, ranging from cars, trucks, heavy work machines, buses, ferries and other vessels. This market segment is sometimes referred to as the "optimal solution", with an included power backup system.

"One of our research and commercialization clusters is focused on renewable energy from waves, offshore wind, and other ocean-related sources, so finding new ways to store and use that energy efficiently is a key goal for AltaSea," said Terry Tamminen, President/CEO of AltaSea. "As our state and the world experience the growing challenges of climate change and other natural disasters, we urgently need innovation in energy storage that makes us more self-reliant and resilient, such as the TEXEL technology."

"TEXEL and AltaSea look forward to a fruitful cooperation as they progress to bring TEXEL's new long-duration energy storage technology to the market. We are now engaging in discussions with other partners across California to deliver this exciting solution," added Jacobsson.

CONTACT:

Daniel Wilke
Head of PR
daniel@texeles.com
+46736329827  

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