Joint venture will consolidate expertise of both companies to provide lithium-vanadium hybrid Energy Storage Solution
Banpu Innovation & Ventures, a Thailand-based subsidiary of Banpu PCL, that focuses on technology development, and VFlowTech, the leading Singapore-based energy storage solutions provider manufacturing low-cost and efficient modular vanadium redox flow batteries, today announce their joint venture (JV) LiV Energy Venture to develop next-generation hybrid energy storage solution to meet the growing demand for renewable energy in the South East Asia region.
Developed and deployed in Singapore initially, the battery technology will leverage artificial intelligence (AI) to achieve superior performance and will eventually be rolled out to other international sites based on demand. LiV Energy Venture’s storage solution will balance the power and energy workloads between the two or more types of batteries enabling wider application while prolonging life expectancy and offering significant improvements to performance.
Othman Elkhomri, Banpu PCL CTO, and Banpu Innovation & Ventures MD, said: “We are excited about our strategic investment with VFlowTech, which will serve as a cornerstone for similar future projects. The partnership enhances business and economic growth between Singapore and Thailand, while helping drive the adoption of renewable energy technologies across Southeast Asia. We are excited to test this new battery technology in Singapore in a live use case, after which the technology will be available to support the seamless integration in other energy storage solutions.”
Dr Avishek Kumar, Co-founder and CEO of VFlowTech, said: “VFlowTech and Banpu Innovation & Ventures share a similar vision to make clean energy and technology-driven solutions more accessible in the region. We are proud to work towards building a sustainable smart city together and pushing Singapore’s green plan forward. Lithium is an established technology used widely for eMobility and other applications, though it typically more economically for less than four hours of back up charge. Vanadium, on the other hand, is an up and coming long-duration energy storage solution capable of providing more than four hours of back up charge. The aim of this JV is to combine these two technologies and bring the benefits of both to market.”
The hybrid energy storage solution is equipped with advanced energy management systems and optimised for the microgrid application. The hybrid energy storage solution deployment in a smart microgrid will be one of a kind first development and deployment of hybrid VRB-LiB energy storage solution in the Southeast Asia region. Its upcoming debut in Singapore will demonstrate its support in grid stability and superior performance over the use of individual batteries.
It also aligns with the region’s market uptake of clean energy solutions in the coming decade. Using a combination of different energy storage technologies of both companies is a key enabler for urban cities such as Singapore to enjoy access to renewable energy that significantly improves quality of lives. It can also be implemented in charging stations for electric vehicles (EVs), small and microgrids, grid stability applications, and more.
VFlowTech is a Singapore-based energy storage solutions provider manufacturing low-cost and efficient modular vanadium redox flow batteries. VFlowTech’s long-term vision is to drive the world towards energy equity where everyone can access clean energy at affordable pricing. With an energy storage solution that has an expected life span of 25 years, VFlowTech has one of the safest and most environmentally friendly battery technologies. VFlowTech was incubated in the CleanTech lab of Singapore’s Nanyang Technological University, and benefits from unique IP arising from many years of intensive research at the university. VFlowTech batteries can store renewable energy over long-duration and are designed to address issues of performance degradation, thermal runaway, and product reliability on safety. www.vflowtech.com
About Banpu Innovation & Ventures
Banpu Innovation & Ventures (BIV), ventures division at Banpu, is focused on technology development via research and development, investments, and ventures. www.bivlab.com