Announcement comes ahead of CEO’s scheduled talk at the FII7 conference in Riyadh
(BUSINESS WIRE) -- Alsym™ Energy, a leading developer of non-lithium rechargeable battery technology, announced that it has successfully developed the industry’s first high-performance, non-flammable battery storage technology suitable for warmer climates. Climates with abundant sun or wind are ideally suited to renewable energy production. This presents a generational opportunity to bring new, diverse industries to the Middle East; however, expensive, fire-prone battery technologies are serious impediments to ambitious plans for rapid growth.
With system-level capacities like lithium-ion and the ability to operate at elevated temperatures common to the region, Alsym batteries are safe to use in any environment. Alsym batteries also cost less than lithium-ion and require less cooling equipment, significantly increasing system efficiency and lowering both acquisition and operating costs.
“The Alsym team has developed an entirely new battery technology that’s ideally suited to the needs of a rapidly changing climate. This is the kind of innovative thinking that will help accelerate the pace of global decarbonization,” said Alsym advisor Dr. Peter H. Diamandis, Founder and Executive Chairman of the XPRIZE Foundation. “Low-cost renewable energy, paired with non-flammable storage, will substantially help countries around the world reduce greenhouse gas emissions and spur new interest from power-intensive industries such as automotive, aerospace, green hydrogen, chemicals, and metals.”
“When it comes to lithium-ion batteries, the level of fire risk increases as the mercury rises,” said Alsym CEO & Co-Founder Mukesh Chatter. “Recent battery storage fires in Australia, France, and the United States have required evacuations and shelter-in-place orders, and some cities are considering significant restrictions and even bans. We need to be looking beyond lithium-ion if we’re going to safely and responsibly deploy the amount of battery storage necessary to make a full transition to renewables.”
The announcement comes as Mr. Chatter prepares to deliver remarks at the 7th Edition of the Future Investment Initiative Institute’s upcoming flagship conference in Riyadh, Saudi Arabia (FII7). Mr. Chatter, whose presentation is entitled “Renaissance in Renewables: Fact or Fiction,” will deliver his remarks on Day 1 of FII7, at 3 p.m. on October 24, on the Open Stage.
First organized in 2017 by the FII Institute, a global nonprofit foundation with an investment arm that seeks to turn ideas into real-world solutions, the FII7 conference will be held October 24-26 in Riyadh, Saudi Arabia. Featuring an interactive program designed to help investors recalibrate the pathways for their companies and for the global economy, the conference brings together the world’s leading investors, business leaders, policymakers, inventors, and explorers to navigate new frontiers of economic growth and prosperity.
About Alsym Energy
Alsym Energy has developed an innovative low-cost, high-performance rechargeable battery chemistry that’s free of lithium and cobalt, and ideal for applications such as stationary storage, maritime shipping, and electric vehicles. By using readily available, inherently non-toxic and non-flammable battery materials, Alsym is working to deliver wide-duration storage with performance comparable to lithium ion at a much lower cost, helping to speed the pace of decarbonization globally. The company is based in Woburn, Massachusetts. Alsym team members also include Professor Kripa Varanasi of MIT (Co-Founder), and former Harvard Business School Dean Dr. Nitin Nohria (Head of Business Advisory Board). To learn more, please visit www.alsym.com.
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Contacts
Cameron Thomas for Alsym Energy
416-660-9801
Cameron@verbfactory.com
