VRB Power Systems Inc. has completed a transaction with RWE npower PLC, a leading integrated U.K. energy business and subsidiary of German-based parent company RWE AG, whereby VRB Power will purchase an exclusive global license to the intellectual property and acquire all the related physical assets and inventory surrounding the Regenesys electricity storage technology.
"This acquisition moves VRB Power significantly forward on two fronts," said Timothy Hennessy, CEO of VRB Power. "First, some of Regenesys' key design features and intellectual property, including the most advanced, low-cost methods of manufacturing and assembly of cell stacks in the world today, will be incorporated into our own VRB Energy Storage System and cell stack development program. This will provide VRB Power with innovative cell stack manufacturing capabilities that have been through years of development utilizing industry recognized expertise and intellectual property. The benefits of this technology acquisition also extend to VRB Power's strategic relationships with NORAM Engineering and Magnetek Inc., enhancing VRB Power's ability to deliver reliable, low-cost VRB Energy Storage Systems to the market."
"Secondly, there are significant synergies between the VRB and Regenesys technologies, both being flow batteries. The Regenesys technology will be easily integrated into VRB Power's current business plan and approach to the energy storage markets, and will allow VRB Power to expand into market segments for very large energy storage applications. The VRB technology is best suited for applications from 5 kW up to 10 MW (100 MW hours). With the addition of the Regenesys technology, VRB Power now has an effective range of products that can store energy from tens of kilowatt hours through hundreds of megawatt hours providing utility scale solutions using the ‘Electricity WarehouseT’ concept developed by Regenesys," said Hennessy.
RWE npower announced earlier this year that the ongoing funding of the Regenesys project was no longer part of its core strategy, which is to focus on electricity generation, electricity supply and renewable energy.
Details of the acquisition include an exclusive worldwide license to all the Regenesys technology patents and know-how, Regenesys technology flow frame designs, state of the art assembly equipment and techniques and a significant inventory of Proton Exchange Membrane for $1.3 million. The license will remain exclusive for the first 5 years with provisions for extension to the exclusivity based on certain royalty payments.