SaltX signs Alliance Agreement with INERCO
– INERCO will develop and build a large-scale Thermochemical Energy Storage solution based on Nanocoated Salt
The energy storage company SaltX Technology – listed on Nasdaq First North Premier – enters a Strategic Business Alliance Agreement with INERCO Ingeniería, Tecnología y Consultoría, S.A. (INERCO ITC). The partners enter a joint development plan where the first step is to build a pre-commercial pilot in Megawatt scale during 2020.
INERCO has a strong reputation within thermal power generation engineering and technology. The Energy Storage system to be designed will be charged using a non-dispatchable renewable energy or high temperature waste heat. This system will also allow a controlled discharge in periods of high energy demand, as decarbonised high temperature heat (producing steam for electricity generation or heat for direct industrial use).
The goal is to lower the dependency on fossil fuels and increase the flexibility of thermal and renewable power plants. The partners have also agreed to a road map for commercialising the solution. The target markets for the alliance will initially be Spain, Portugal, Central and South America and Mexico. INERCO will be responsible for the development of the first pilot and will also lead the funding of it.
“INERCO finds relevant advantages in nanocoated salts for thermochemical energy storage, which have led us to establish a strong partnership with SaltX. The future of the energy sector undoubtedly implies the use of robust and cost-effective energy storage solutions to be integrated with hybridised conventional and renewable energy sources. SaltX´s nanocoated salts present intrinsic advantages with respect to systems based on other energy storage principles, such as those using molten salts, concrete, or electric batteries, due to their improved energy efficiency, management and safety characteristics. With this technological approach INERCO is convinced about finding competitive solutions for the new decarbonised energy scenario related to both power generation and energy intensive industries", says Pedro Marín, CEO of INERCO.
"A partnership with INERCO strengthens SaltX position on the Thermal Energy Storage market. SaltX business model is to sell the core technology within the Energy Storage solution and it is important to find the right partner on each market. INERCO has a strong track record of developing and selling technology solutions based on similar solutions as ours, which makes the alliance a good fit.", says Carl-Johan Linér, CEO of SaltX Technology.
For further information, please contact:
Carl-Johan Linér, CEO of SaltX Technology, tel +46-70 532 08 08
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Ingeniería, Tecnología y Consultoría, S.A (INERCO)
INERCO is a multinational company headquartered in Spain and specialised in EPC supplies and technology development for energy and environmental applications. INERCO has expertise in numerous industries, and relevant capabilities regarding engineering of large-scale industrial plants. INERCO has 650 employees, more than 100,000 references and has been active for 35 years in the industry. For more information, visit: https://www.inerco.com
About SaltX Technology
SaltX Technology develops and sells a patented energy storage technology. SaltX Technology's share is listed on Nasdaq Stockholm First North Premier. FNCA Sweden AB, +46-8-528 00 399, info@fnca.se, is SaltX Technology's certified advisor. For more information, visit: www.saltxtechnology.com
Stockholm, July 23, 2019
