Long-duration storage provider ESS has announced an expansion to its 10-year warranty insurance coverage for its Energy Center product through Munich Re.
The innovative policy provides a warranty backstop for ESS’s proprietary flow battery technology and electrolyte management system, supporting the system performance guarantee regardless of project size or location.
ESS has also collaborated with Munich Re to similarly expand its Project Cover to ensure a bankable product offering for the Energy Center. The Cover eliminates any technology or business continuity risk for operators and can be extended to provide long-term assurance of project performance to system owners, investors and lenders.
“As a leader in the long-duration energy storage industry, we’re constantly looking to innovate and break ground on new programs that increase confidence in our utility-scale storage solutions,” said Eric Dresselhuys, CEO of ESS. “Utility-scale project developers and asset owners can now deploy our flow batteries with greater confidence in securing financing, system operations, and successful performance outcomes.”
News item from ESS
“ESS has also collaborated with Munich Re to similarly expand its Project Cover to ensure a bankable product offering for the Energy Center. The Cover eliminates any technology or business continuity risk for operators and can be extended to provide long-term assurance of project performance to system owners, investors and lenders.”
This is a good incentive for at least C&I entities to take a good long look at this technology over lithium ion technology for energy storage. There has also been the proposition under a MOU with the redox company, the company can cut “up front” costs by “leasing” the ion mix and this can be refreshed or refurbished and returned to service along the 25 year useful life of redox batteries. Kind of like having Li Ion battery packs and after about 10 years of service the energy storage has degraded from 250MWh to 200MWh. Fairly easy to bring full capacity back with redox ion replacement, not so easy with hard assembled battery cells and battery packs. Redox flow batteries that use Vanadium also have a value after the 25 year use period. Vanadium has value in steel manufacturing and so the Vanadium flow battery still has dollar value at the end of life, that can be used to upgrade the next system installed.