StorEn Tech, founded in 2017, is a vanadium flow battery company currently located in Stony Brook, New York. The core team at StorEn has worked together for nearly a decade with several different companies, and look to make StorEn their first venture into the energy storage market in the United States.
The company was incubated at the CEBIP (Clean Energy Business Incubator Program) at Stony Brook University, and was extremely successful in several business competitions during the last year. They were finalists at NYSERDA’s 76West competition, the 2017 Northeast Cleantech Open and Finalist at the 12th Columbia University Energy Symposium in New York City. In addition, the company was named the “Idea Champion” at the Long Island Innovation Boot Camp in March 2017.
Although StorEn is a very young company, the team has extensive experience in both the fuel cell and vanadium flow battery industries. Carlo Brovero and Angelo D’Anzi are their CEO and CTO, respectively, and have both managed a successful company in the energy storage industry. Their core team has successfully led two Italian companies into the energy storage industry, before exiting successfully to listed trade buyers: Morphic Energy (Stockholm Stock Exchange) and Gala (Milan Stock Exchange).
StorEn currently has four provisional patents for their intellectual property, including: MULTIGRIDTM plate structures that allow for significantly improved power density, EQUILEVELSTM an electrolyte rebalancing method that reduces cost and increases reliability, RESAFETM a leak elimination system, and THERMASTABLETM a system to extend the temperature range in order to increase performance in inclement conditions. Together, these innovative technologies allow StorEn to manufacture a flow battery which StonEn has billed as above and beyond the industry standard.
Recently, StorEn and Australia-based Vanadium mine developer Multicom Resources Pty Ltd (Multicom) entered into a binding agreement to establish a vertically integrated supply chain model for the low-cost manufacturing, sale and distribution of StorEn proprietary Vanadium Flow Batteries. Key terms of the agreement are as follows:
· Long term exclusive low cost fixed price offtake arrangements secured by StorEn for Vanadium Pentoxide from Multicom’s mine in Queensland once operational.
· Multicom (through its subsidiary Freedom Energy Pty Ltd) has exclusive distribution and sales agreement for StorEn VFB’s across the Asia Pacific Region.
· StorEn and Multicom have a respective call option to acquire an equity interest in each other.
· StorEn to provide trial units to Multicom for pilot testing in the Asia Pacific Region during 2018.
StorEn’s contract with Multicom allows them to assure they will have the resources necessary to scale up the manufacturing of their system, and allow them to become a key competitor in New York’s energy storage market.
StorEn is a participant in NY-BEST’s BRIDGE Program, and CEO Carlo Brovero had this to say about their participation in the program, “the program gave us important technical insights that will become critical once we finalize the specifications of our production modules, in commencing manufacturing and planning their commercialization”.