Coro Energy PLC ion Ventures Update
February 24 2021 - 6:30AM
RNS Non-Regulatory
TIDMCORO
Coro Energy PLC
24 February 2021
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24 February 2021
Coro Energy plc
("Coro" or the "Company")
ion Ventures Update
Coro Energy plc, the South East Asian energy company focused on
supporting the regional transition to a low carbon economy, notes
the press release issued yesterday by ion Ventures Holdings Limited
("ion" or "ion Ventures"), in which the Company holds a 20.3%
interest. ion Ventures is a modern utility and energy storage
infrastructure developer with a project pipeline of 300MW under
development across South East Asia and the UK & Ireland.
ion has partnered with LiNA Energy ("LiNA"), a solid-state
battery technology developer, to conduct a successful trial of
LiNA's proprietary solid-state sodium battery platform that
concluded last week. The trial was the final milestone of a UK
Department of Business, Energy and Industrial Strategy ("BEIS")
Award.
Battery storage is a key component in the global transition to
renewable energy sources. Batteries manage the grid volatility
created by the increasing prevalence of intermittent renewable
energy generation. At present, lithium-ion technology is the
dominant chemistry for battery storage systems, but the LiNa
Platform has potential to disrupt incumbent lithium-ion batteries
in grid storage markets, and passenger and commercial electric
vehicles (EVs).
The LiNa team have developed the LiNa Platform, an innovative
re-engineering of the commercially proven sodium-nickel-chloride
(NaNiCl) chemistry. The battery is constructed from easily sourced,
low-cost materials and, importantly, does not contain any cobalt or
lithium. It operates at a wide range of temperatures and does not
require expensive cooling systems. Furthermore, the battery
chemistry is inherently safe thus making it highly attractive to a
range of different sectors, including the grid storage sector
targeted by ion Ventures. E4Tech, a London-based clean-tech
specialist consultancy, performed an independent, strategic scoping
study of stationary grid storage application based upon LiNa's
technology. They identified that LiNa's platform was superior to
existing lithium ion-based storage, especially in distribution,
generation level storage and behind the meter owing to superior
CAPEX, OPEX, Life Cycle Cost, battery self-discharge and safety
metrics.
ion Ventures is looking forward to supporting larger trials of
the LiNa Platform technology in the near future with a view to
deploying the battery into the grid storage market in the coming
years.
Further details can be found at ion Ventures website:
https://www.ion.ventures/news
Enquiries:
Coro Energy plc Via Vigo Communications
James Parsons Ltd
Vigo Communications Ltd (IR/PR Advisor) Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
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END
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