DONG Energy Investing In Danish Cleantech Company – LiTHIUM BALANCE A/S

January 22, 2009 by Jeff Shepard

DONG Energy is joining the group of investors backing LiTHIUM BALANCE A/S, a developer, producer and marketer of battery systems for among other things electric and hybrid cars.

DONG Energy has joined the group of investors backing the Danish-owned LiTHIUM BALANCE. This is the first time that DONG Energy has invested in Danish-developed battery technology.

"We see a great deal of potential for the use of new battery technologies in many different areas of the transport and energy sectors. LITHIUM BALANCE is an exciting high-tech company with a high degree of competence in battery control systems. DONG Energy is interested in LITHIUM BALANCE, because the control system can ensure optimum interplay between the electrical system and groups of batteries, which can be used in electric cars and many other applications in the transport sector," said Knud Pedersen, Vice President Research & Development DONG Energy on the background to the decision to invest in LITHIUM BALANCE.

"The expected increase in wind power production in Denmark will benefit our investment in LITHIUM BALANCE, because efficient use of wind power is very dependent on our ability to flexibly adapt to electricity demand according to how much wind power we have at our disposal. This effective management of charging and discharging of batteries can shift electricity consumption to night-time, when there is often ample wind power. The investment in LITHIUM BALANCE is another example of DONG Energy’s interest in advancing this development," said Pedersen.

LiTHIUM BALANCE develops large battery sets based on lithium batteries. Lithium battery technology is the key to a breakthrough in electric and hybrid cars, as lithium batteries are more compact and weigh less than other battery types and, moreover, have a longer service life. LiTHIUM BALANCE states that it has developed a unique control system for lithium batteries that can maximize their storage capacity and service life.

"You can compare it with the so-called memory effect in cell phones and laptops, that means that the battery stays charged for an ever shorter time between each recharge, until after one or two years you have to replace it. And in an electric car this would be a catastrophe. The battery pack is so big and expensive that no user will accept a gradual reduction in his driving radius or an expensive replacement," said Lars Barkler, Administrative Director at LiTHIUM BALANCE. "Our Battery Management System eliminates the memory effect and gets batteries to last longer."

"The partnership with DONG Energy means that we can put our development into top gear. We have the technology and the customers are there. With more development and sales staff, we can expand more quickly in the market and start projects with new customers. On this basis we expect that to considerably increase our sales in the coming year," said John Amberg, Chairman of the Board of LITHIUM BALANCE.