Betolar's patent on electrical energy storage expands to European and Indian markets
Betolar Plc
Press Release
16 of June 2023 12:30 PM EEST
Betolar's patent on electrical energy storage expands to European and Indian markets
Betolar, a materials technology company, has received important approvals for a patent that involves using waste for electricity storage. This patent is now extended to the European and Indian markets.
With the rise of renewable energy, it has become a challenge to balance the supply and demand of electricity generation. This requires new ways to store electrical energy, especially during short-term peaks. Betolar has developed a method and obtained a patent for storing electrical energy, which can utilize significant amounts of waste-based materials.
"Our invention relates to a method in which a waste-based concrete-like mass has the ability to store electricity. It creates exciting new opportunities in the field of civil engineering. The mass could be used in infrastructure products such as solar panel bases, building foundations or wall elements. At the same time, the material and method would support local electricity production and storage," says Jarno Poskela, Betolar's Chief Technology Officer.
In Europe, the patent has been validated in the Member States covered by the unitary patent system, as well as in Spain and Norway. The patent has already been approved in Finland. In addition to Europe, the patent has also been granted in India. It is a broader basic patent, on top of which it is possible to build protective patents.
"This interesting phenomenon has now been verified and patented and will enable productization based on the innovation. We are now looking for the right partner for the productization and commercialisation", says Ville Voipio, Chief Commercial Officer at Betolar.
The company's normal product development process generates innovations that, at best, lead to new value-added, patentable solutions. Betolar has been granted patents for five inventions. In addition, eight inventions are in the process of patent approval.
"Betolar's patent portfolio has grown rapidly. As a materials technology company, research and development is vital to the success of our business. The ability to produce new solutions for the utilisation of side streams that would otherwise end up as waste is also essential for the functioning of our entire ecosystem," says Poskela.
In line with Betolar's IPR strategy, the primary role of patents is to safeguard the business of Betolar and its customers based on material technology solutions. Therefore, the patent portfolio is expected to be a significant component of the company's valuation in the long term.
The patent on electric voltage is not expected to have a direct impact on Betolar's business performance in the short-term.
Betolar Plc
Communications
About Betolar
Betolar Plc is a Finnish materials technology company that offers the production of sustainable and low-carbon concrete with the Geoprime solution. The solution converts industrial side streams into a cement substitute.
Betolar's artificial intelligence innovation can significantly reduce CO2 emissions compared to traditional cement-based concrete production by optimizing existing manufacturing processes, supporting solution development with advanced analytics, and creating global markets for side streams. Betolar's mission is to help reduce CO2 emissions and the use of virgin resouces.
Betolar was founded in 2016 and is domiciled in Kannonkoski, Finland. Betolar is listed on the Nasdaq First North Growth Market. For more information: www.betolar.com
More information
Martta Valkola, Head of Marketing and Communications, martta.valkola@betolar.com, +358405471981