TEXEL signs an agreement with Arizona State University to move new battery technology towards commercialization in the US

STOCKHOLM, Nov. 24, 2020 /PRNewswire/ -- The battery technology development company, TEXEL Energy Storage (TEXEL), and Arizona State University (ASU) have signed a cooperation agreement with the purpose to bring a new battery technology towards commercialization in the United States. The new battery technology that is originally developed by Savannah River National laboratory (SRNL), is potentially much more cost effective than Lithium-Ion batteries in large scale and is 100% circular.

Savannah River National Laboratory (SRNL), one of US Department of Energy's (DOE) seventeen national laboratories, and the laboratory behind the development of the Hydrogen Bomb, also considered as one of the world's leading research labs on hydrogen related technologies, has developed a new battery technology, based on thermochemical Metal Hydrides. In 2018, SRNL and TEXEL signed an exclusive agreement with the aim to move the technology towards commercialization.

"The new battery technology is a huge step forward towards a fossil free future, both regarding cost effectiveness and the fact that the technology is 100% Circular. This will all be confirmed in a new report that will be released within a few weeks" said Lars Jacobsson, CEO of TEXEL Energy Storage

Arizona State University (ASU) and TEXEL has now signed an agreement where ASU will analyze the TEXEL technology, and evaluate the technology's competitiveness to other energy storage technologies, like lithium-ion batteries, in different market applications in the US, like solar+storage peaker plants, microgrids, critical public infrastructure, and commercial and residential buildings.

"We are proud to announce the collaboration with Arizona State University as adding their independent expertise and experience is an important part and a step forward to evaluate the TEXEL technology. The ambition is to move the technology closer to the US market to create future cooperation and commercial agreements with the US energy companies" said Lars Jacobsson, CEO of TEXEL Energy Storage

An economically viable and circular energy storage technology is needed to be able to create the change in future energy production and distribution, to be able to reach the future goals and legislations in states like California. The company's intention is to manufacture the technology in the United States.

"The technical innovation enables utilization of renewable energy and storage in new ways, and this allows development of new business models that will accelerate the global transition to a no-carbon, lower cost, and more resilient economy. We are pleased to work with TEXEL on both the innovation and the vision of a greener future" said Nathan Johnson, Associate Professor at Arizona State University and Director of the Laboratory for Energy And Power Solutions (LEAPS).

For more information, contact:
Daniel Wilke Head of PR at TEXEL
Email: daniel@txles.com 
Tel: +46 736 329 827

Nathan Johnson at Arizona State University
Email: nathanjohnson@asu.edu 
Tel: +1 480 727 5271

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https://news.cision.com/texel-energy-storage/r/texel-signs-an-agreement-with-arizona-state-university-to-move-new-battery-technology-towards-commer,c3242766

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