Sodium-ion battery maker Faradion has signed its first deal in Australia.
The deal with industrial conglomerate ICM Australia is aimed at energy storage systems (ESS) rather than transport, relying on the higher levels of thermal stability and safety from the sodium-ion battery packs compared to today’s lithium-ion chemistries.
“Faradion is accelerating large scale industrialisation of its safe, low cost, Sodium-ion energy storage technology. In Australia, the market for energy storage is primarily for household battery technologies to complement solar photovoltaic installations, although the market for larger-scale energy storage is growing” said James Quinn, CEO of Faradion.
In recent years, Australia and New Zealand have demonstrated a steady uptake in battery storage in residential, commercial and grid scale applications due to factors including significant reductions in the cost of storage and solar systems; increasing cost of electricity, concerns about blackouts and financial incentives and policies from the government.
“This order represents a first step for an Australian company to commercialise world leading sodium-ion technology, and we’re pleased to be offering a premium product that is safe and price competitive to the Australasian market,” said Thomas Gregson, ICM Australia’s Investment Director
“We have seen large interest in energy storage solutions recently and believe the Faradion technology can provide, in a sustainable way, the energy security customers require at attractive ROIs.”
Gregson at ICM Australia says he expects a range of Faradion sodium-ion batteries to be available for the Australasian market later in the year.