MILWAUKEE, Feb. 2, 2023
/PRNewswire/ -- WEC Energy Group (NYSE: WEC) today announced that
the company will lead a pilot project at its Valley Power Plant in
Milwaukee to test a new form of
long-duration energy storage.
WEC Energy Group is collaborating with EPRI, an independent,
nonprofit energy research and development institute, and CMBlu
Energy, the developer and manufacturer of the long-duration battery
based in California and
Germany.
This 1-to-2-megawatt-hour pilot project will be one of the first
to test this type of energy storage system on the U.S. electric
grid.
"One of our most important goals is to help shape the future of
clean energy — testing technologies that could be true game
changers," said Gale Klappa,
executive chairman — WEC Energy Group. "On-demand energy storage is
clearly a key component to an energy transition that is affordable,
reliable and clean."
"The results of the pilot will provide key insights on how this
innovation can be applied around the country," said Neva Espinzoa, EPRI vice president — energy
supply and low-carbon resources. "We look forward to collaborating
with WEC Energy Group and CMBlu Energy to help provide solutions to
enable additional resilience through the energy transition."
The CMBlu Organic SolidFlow energy storage system uses a
proprietary flow battery technology with components from abundant,
recyclable materials. These batteries are expected to provide safe
and reliable operation, with a high energy density that will enable
compact solutions for a variety of applications for electric
utilities.
The project will test the performance of the battery system,
including discharge durations of five to 10 hours — up to twice as
long as the typical lithium-ion batteries in use today.
The pilot project is planned for testing in the fourth quarter
of this year.
"CMBlu Energy appreciates WEC Energy Group's commitment to guide
the future of long duration energy storage for its customers and
the electric power industry," said Ben
Kaun, president — CMBlu Energy Inc. "This demonstration
supports our roadmap of tailored products and manufacturing of
Organic SolidFlow batteries in the United
States."
Findings will be shared with the utility industry. EPRI will
share a complete analysis of the project in early 2024.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier
energy companies, serving 4.6 million customers in Wisconsin, Illinois, Michigan and Minnesota.
The company's principal utilities are We Energies, Wisconsin
Public Service, Peoples Gas, North Shore Gas, Michigan Gas
Utilities, Minnesota Energy Resources and Upper Michigan Energy
Resources. Another major subsidiary, We Power, designs, builds
and owns electric generating plants. In addition, WEC
Infrastructure LLC owns a growing fleet of renewable generation
facilities in the Midwest.
WEC Energy Group (wecenergygroup.com) is a Fortune 500
company and a component of the S&P 500. The company has
approximately 37,000 stockholders of record, 7,000 employees and
$41 billion of assets.
Forward-looking statements
Certain statements contained in this press release are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are based upon management's
current expectations and are subject to risks and uncertainties
that could cause our actual results to differ materially from those
contemplated in the statements. Readers are cautioned not to place
undue reliance on these statements. Forward-looking statements
include, among other things, statements concerning management's
expectations and projections regarding corporate initiatives,
energy storage capacity, and clean energy projects. In some
cases, forward-looking statements may be identified by reference to
a future period or periods or by the use of forward-looking
terminology such as "anticipates," "believes," "estimates,"
"expects," "forecasts," "guidance," "intends," "may," "objectives,"
"plans," "possible," "potential," "projects," "should," "targets,"
"will" or similar terms or variations of these terms. Factors
that could cause actual results to differ materially from those
contemplated in any forward-looking statements include, but are not
limited to: general economic conditions, including business and
competitive conditions in the company's service territories;
timing, resolution and impact of rate cases and other regulatory
decisions; the company's ability to continue to successfully
integrate the operations of its subsidiaries; availability of the
company's generating facilities and/or distribution systems;
unanticipated changes in fuel and purchased power costs; key
personnel changes; varying and severe weather conditions; continued
industry restructuring and consolidation; continued advances in,
and adoption of, new technologies that produce power or reduce
power consumption; energy and environmental conservation efforts;
natural gas reduction or electrification initiatives, mandates, or
similar efforts; the company's ability to successfully acquire
and/or dispose of assets and projects and to execute on its capital
plan; cyber-security threats and data security breaches;
construction risks; equity and bond market fluctuations; changes in
the company's and its subsidiaries' ability to access the capital
markets; changes in tax legislation or our ability to use certain
tax benefits and carryforwards; federal, state and local
legislative and regulatory changes, including changes to
environmental standards, the enforcement of these laws and
regulations and changes in the interpretation of regulations by
regulatory agencies; supply chain disruptions; inflation; political
and geopolitical developments, including impacts on the global
economy, supply chain and fuel prices, generally, from the ongoing
conflict between Russia and
Ukraine; the impact from any new
developments relating to the COVID-19 pandemic or any future health
pandemics;; current and future litigation and regulatory
investigations, proceedings or inquiries; changes in accounting
standards; the financial performance of projects in which the
company's energy infrastructure business invests; the ability of
the company to obtain additional generating capacity at competitive
prices; and other factors described under the heading "Factors
Affecting Results, Liquidity and Capital Resources" in Management's
Discussion and Analysis of Financial Condition and Results of
Operations and under the headings "Cautionary Statement Regarding
Forward-Looking Information" and "Risk Factors" contained in the
company's Form 10-K for the year ended December 31, 2021, and in subsequent reports
filed with the Securities and Exchange Commission. Except as may be
required by law, the company expressly disclaims any obligation to
publicly update or revise any forward-looking information.
View original
content:https://www.prnewswire.com/news-releases/wec-energy-group-announces-project-to-demonstrate-long-duration-organic-flow-battery-storage-301737840.html
SOURCE WEC Energy Group