Arotech Corporation (NasdaqGM: ARTX), a provider of quality defense and security products for the military, law enforcement and homeland security markets, announced today that its Battery and Power Systems Division has advanced its development of an iron flow battery to provide storage for grid power, following promising results in lab tests. Arotech has filed a patent application covering this new technology.
The highly variable supply of electricity generated from renewable sources requires a buffer for the relatively flat demand for energy. Arotech believes it has developed a potentially revolutionary new technology that can combine highly significant cost savings, performance advantages and potentially greater efficiency, with a more environmentally-friendly profile.
Robert S. Ehrlich, Arotech’s Chairman and Chief Executive Officer commented, “We are very pleased with the results from lab tests on this new technology, which opens a huge new market for us. While flow batteries themselves are not new technologies, with over fifty flow batteries installed globally as at the end of last year, our design uses a patent-pending iron chemistry providing the highest ROI, with the lowest total lifecycle, capital and maintenance costs. While this will be a multi-year development effort until commercialization, we believe that given the sheer size of the market, which is expected to exceed $400 billion by 2020, this is a project highly worthy of our R&D investment. I applaud the capabilities of our R&D team in their ongoing development and ability to push the realms of possibility in the battery space.”
Arotech has posted a more detailed competitive analysis online in the following file: http://gkir.us/flowbattery.pdf
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