Honeywell, ESS Tech Partner To Improve tech Development and Market Adoption

CIOTechOutlook Team | Tuesday, 26 September 2023, 02:34 IST

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Honeywell established a strategic partnership with ESS Tech, Inc. to promote iron flow battery (IFB) energy storage system technology development and market adoption. As part of this relationship, Honeywell has made an investment in ESS.
 
The relationship builds upon each company’s development of energy storage systems, and brings together ESS’ market-leading, patented IFB design with Honeywell’s advanced materials and energy systems expertise, as per business wire.
 
“The demand for long-duration energy storage represents a compelling market opportunity within the energy transition and the combination of Honeywell and ESS technology can accelerate decarbonization for the commercial, industrial and utility sectors,” said Bryan Glover, chief growth officer, Honeywell Performance Materials and Technology (PMT) group. “Our strategic collaboration with ESS will accelerate Honeywell’s ability to bring comprehensive solutions to our customers while working to advance long-duration energy storage across all industries requiring expansive energy storage.”
 
“Today, we are creating superior technology in the critical long-duration energy storage industry,” said Eric Dresselhuys, CEO of ESS. “Combining ESS’ innovative technology and deployment experience with Honeywell’s storage and control system expertise will enable us to drive the clean energy transition and deliver value to our customers, shareholders and communities.”
 
Honeywell and ESS are collaborating to fulfill the increasing global demand for long-duration energy storage (LDES), which is being driven by the rapid expansion in renewable power generation. As governments around the world migrate to zero-carbon energy, this is creating a sizable and rapidly rising market. According to the LDES Council and McKinsey & Co., the current global energy storage market is valued at $50 billion per year and is expected to increase rapidly, with a total investment of up to $3 trillion by 2040.
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