Summary
- Clean Energy Council’s accreditation for Soluna Australia’s battery energy storage solutions to underpin commencement of country-wide sale and installation.
- Soluna’s Power Bank systems for residential installation include LIB storage, a hybrid inverter and an advanced battery management system. Product to be available from July 2020 onward.
- Market lapped up the news, Stock up 5% post the announcement.
Perth, Australia-based Lithium Australia NL (ASX: LIT), aspiring to establish a circular battery economy and ensure ethical and sustainable supply of energy metals to the battery industry, has announced that the Clean Energy Council (CEC), Australia’s peak body for clean energy, has approved Soluna’s battery energy storage systems.
Soluna Australia Pty Ltd is a 50-50 incorporated joint venture between Lithium Australia NL and Shanghai -based DLG Energy Co., Ltd, established to supply energy storage solutions within Australia and beyond.
The CEC
All clean-energy products that are developed or being lined up for sale in Australia must meet the highest international standards as per the requisites laid out by the Clean Energy Council. Now, the latest CEC accreditation given to the energy storage solutions developed by Soluna Australia provides a confirmation to the national power grid operators that the solutions meet all relevant Australian and international standards and are more than fit to be installed across the country.
Also, in Australia, it is mandatory for products to receive CEC’s green signal before they are deemed eligible to receive small-scale technology certificates (STCs) under the Small-scale Renewable Energy Scheme (SRES) and other government incentive programs.
Power Bank systems
Soluna Australia’s Power Bank systems for residential installation comprise lithium-ion battery (LIB) storage, a hybrid inverter and an advanced battery management system, all of which would soon be available for country-wide installation following the receipt of the CEC approval. The Company is also ordering additional stock which is expected to be delivered by early July 2020. For more technical specifications and details of the systems, one can refer to Soluna Australia’s website.
All-in-one Soluna Power Bank S4 and S12 Domestic Systems
Management Commentary
Adrian Griffin, Managing Director at Lithium Australia, commented on the recent development stating that the receipt of CEC approval for all the products it markets is a great achievement for Soluna Australia and would provide wider avenues for the sale of its high-quality, flexible product range to those consumers trying to cut down their energy bills.
He further added that Lithium Australia’s investment in Soluna Australia is complementary to its other business segments being Envirostream Australia (Recycling), Lithium Chemicals comprising SiLeach® and LieNA® technologies and VSPC Limited (focussed on developing cost-effective cathode formulations for LIBs).
Read: Lithium Australia Reports Progress Across all Business Segments for March Quarter 2020
Together, all business units of Lithium Australia constitute a practical circular economy for battery products, ranging from a reduction of waste in the mining phase through more efficient battery production to battery sales via Soluna and, ultimately, the recycling of spent batteries through Envirostream Australia. Thus, Soluna forms an integral part of the circular economy, for which Lithium Australia is committed to providing ethical and sustainable solutions.
In addition, the post COVID-19 awakening of the Chinese and Australian economies will see new products being available for the Oceania market from July 2020 onward.
The LIT stock settled the day’s trade on 16 June 2020 at AU$ 0.054, up 5.88%, with a market capitalisation of AU$ 30.54 million.
Recent Developments:
Disclaimer
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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