How Standard Energy Works and Early Success
Battery startup Standard Energy develops vanadium ion batteries. However, the company has completely revolutionized traditional vanadium redox flow batteries and created something new. By combining the stability of vanadium with the power and performance of lithium ion batteries, the startup has created a vanadium ion battery that could make major waves in the energy storage business.
Standard Energy does not want to replace all lithium ion batteries with vanadium ion ones but instead help take on certain business types that are more suited for vanadium. Due to the size of vanadium ion batteries, more compact or mobile electronics such as mobile phones or even EVs would still need lithium ion batteries. However, vanadium ion batteries could replace nearly all major stationary energy storage locations around the world.
The company would see vanadium ion batteries becoming the standard for wind and solar energy storage as well as ultra-fast EV charging stations.
Standard Energy also has one of the most effective vanadium ion batteries in the world. In fact, the startup offers 96% efficiency in all energy storage. On top of this, the company can guarantee a 99% capacity stability and a 0% chance of ignition regardless of temperature. These figures are not anomalies either, with over 1 million hours of testing both in a lab and in operations to ensure their accuracy.
Standard Energy Funding and Future Plans
In the Series C funding round for the battery business, the company raised $8.9 million. The funding round was led by Softbank Ventures Asia. This new capital will allow for the company to continue expanding business operations and build out a larger plan for selling and distribution. The startup is already shipping batteries to an EV charging station in South Korea.
Standard Energy could be subject to a major boost in business if the vanadium ion battery is widely adopted for use around the world. The energy storage system market is already worth around $8 billion, with many projections seeing it rise to $21 billion by the end of 2024. If the market continues to grow, the startup could be privy to a massive growth period.
When commenting on the latest funding round for the company, senior partner at Softbank Ventures Asia, Daniel Kang, said, “The existing ESS market was in a state of imbalance due to the rapidly growing demand, and safety and efficiency issues of products. Standard Energy is expected to create new standards for the global ESS market through its innovative material and design technology with massive manufacturing capabilities.”
About the Author
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.