WattJoule Licenses Exclusive Rights to Breakthrough Energy Storage Technology
WattJoule Corporation, a developer of next-generation flow battery energy storage systems, has entered into an exclusive, worldwide intellectual property licensing agreement with the University of Tennessee Research Foundation. This agreement allows the full commercialization of patent pending, breakthrough energy storage technology developed over the last three years and funded by the Department of Energy’s Office of Electricity Delivery and Energy Reliability, under the program leadership of Dr. Imre Gyuk; the Office of Naval Research; and the National Science Foundation. The latter two funding sources have focused on various fundamental aspects of the technology. The DOE funding, in particular, has focused on more applied development which has led to significant performance improvements. “The aim of our research is to provide industry with proven, cost-effective new technology,” said Dr. Gyuk, “we are setting the stage for widespread deployment of Energy Storage.”
“This technology allows us to practice high-power, high-efficiency operation that enables low-cost energy storage across a number of chemistries,” said Greg Cipriano, VP Business Development and Founder of WattJoule. “The heart of our new redox flow battery is a greatly improved electrochemical cell, where we can produce 10 times more power, for the same volume, over commercial flow battery systems. This high-power operation significantly reduces the amount of expensive material needed and this dramatically reduces cost. It also enables greater dynamic power range, which opens up a large spectrum of applications for one product platform that no other company can provide.”
About WattJouleWattJoule is developing a next generation electricity energy storage system that uses a safe water-based liquid. The company has patent-pending breakthroughs that solve the historical problems that have prevented the full commercialization of flow battery technology. WattJoule’s product platform will enable a wide range of customer benefits including a reduction in electricity costs and enabling the widespread deployment of wind and solar generation, microgrids, advanced smart grid capabilities and grid reliability improvements. More information is available at www.wattjoule.com.
About University of Tennessee Research Foundation UTRF is the not-for-profit organization responsible for commercializing and licensing technology discovered by faculty across the University of Tennessee System. For more information or to view technologies available for licensing, visit utrf.tennessee.edu.