Both the United States and China offer business opportunities for Innolith in the near and long-term future. The United States is currently the largest market for battery technology, with demand set to be worth $17.7bn in 2020. China, meanwhile, represents the fastest growing market for batteries, with the market set to register a growth of 50.8% between now and 2022.
Market growth in both countries is forecast to be driven by demand for batteries in the electric vehicle, renewable energy storage and grid regulation sectors. Innolith says its inorganic electrolyte batteries will address these sectors. The first Innolith batteries have been tested over 50,000 cycles at half-hour charge / half-hour discharge with 0 to 100% depth of discharge.
“The need for a durable, safe and updated battery system has never been greater,” said Sergey Buchin, CEO and co-founder of Innolith. He was previously chief operating officer of Alevo, whose assets Innolith bought last year. “Both the United States and China are positioned to be global leaders in the adoption of battery technology and Innolith is establishing its presence in these markets to bring our new battery technologies to customers there.”
Stephen Wiley, former Senior Director for Origination at battery company Younicos, will lead expansion in the United States as Vice President for US Business Development. Carrie Lin, former National Executive for General Electric’s Grid Solution, will lead expansion in China, becoming Innolith’s new Chief Representative for China.
Innolith’s first product is a high-power battery which is ideally suited to energy buffering applications such as grid frequency regulation. Innolith’s R&D team in Bruchsal Germany is currently working on several new versions of the system with higher energy densities.