Billion-Dollar Energy Start-up Opens 3.5 Million Square-Foot Factory
Alevo Group today unveiled plans to deliver massive efficiencies to power generation globally through innovations in battery technology and data analytics. The company announced manufacturing plans in Concord, North Carolina, that will see the creation of thousands of skilled jobs, for the building of GridBanks. GridBanks combined with advanced analytics can substantially cut electricity waste while enabling full use to be made of wind, solar and other renewable energy sources. A preview of Alevo technology was recently revealed on PowerPulse.
Alevo will provide energy services to energy utilities worldwide through the installation of GridBanks, shipping containers of Alevo batteries containing 2MW of power. When combined with the advanced Alevo Analytics, the GridBanks can be used to optimize entire grids in real time to eliminate up to half of the 30% energy currently lost through inefficiencies and power wastage. Core to Alevoâ€™s ability to deliver these energy services is a breakthrough battery technology that is completely non-flammable, and can be charged and discharged with no resting period over 40,000 times dramatically reducing the lifetime cost of utility grade batteries.
â€œUsing a combination of Alevoâ€™s battery and data analytics technologies we have the ability to cut huge levels of waste experienced in todayâ€™s electrical gridsâ€, said Jostein Eikeland, Chairman & CEO, Alevo Group. â€œWhat this means in practice is lower costs to the utilities, smaller bills for the consumer and a reduction in greenhouse gasses per megawatt that will help cost effective coal-fired generation achieve the EPA Clean Power limits.â€
The Alevo GridBanks will be manufactured at the firmâ€™s new Concord, North Carolina facility, with the creation of 2,500 jobs and the potential for the creation of up to 6,000 jobs as further manufacturing processes are brought to the plant. The plant provides 3.5 million square-feet of manufacturing space which will be sufficient to contain planned production lines of GridBanks and the production of up to 480 GridBanks per annum.
Alevoâ€™s heritage in battery technology dates back to 2004. The past decade has seen continued investment in the core battery technology and in software development of the Alevo Analytics Suite. The investment in the combined research and development, together with the acquisition and fit-out of the manufacturing plant, represents a start-up investment of over $1 billion that has been met through private investments and equity funds.
Alevo and China-ZK, a 51% private funded body that coordinates energy infrastructure in China, have signed a Strategic Agreement to promote and commercialize Alevoâ€™s technology products and services in China.