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Summary
- Lithium Australia's subsidiary company, Soluna Australia Pty Ltd has got its first sales orders for residential energy storage.
- The installation has begun in the northern and southern suburbs of Perth, Western Australia.
- Soluna Au battery systems ensure grid stability and reduce costs and wastes.
- Despite the uncertainty due to Covid-19, demand for battery storage products remain steady.
Lithium Australia NL (ASX: LIT) is committed to offering a sustainable supply of energy metals to the battery industry through a circular battery economy.
On 24 July 2020, LIT announced that it’s 50 per cent subsidiary company Soluna Australia Pty Ltd has secured its first sales orders of domestic single- and three-phase storage products for residential energy storage. The installation process has already begun last week in the northern and southern suburbs of Perth, Western Australia.
Soluna Australia Pty Ltd is a 50% joint venture between Lithium Australia NL and DLG Energy (Shanghai) Co., Ltd. The JV was set up to supply battery energy-storage solutions for the Antipodes (initially Australia only).
Lithium Australia's MD Adrian Griffin comments
Also read: Lithium Australia’s Recycling Arm Envirostream Begins Micronutrient Field Trials In WA; Stock spikes
Soluna Au battery systems potential benefits
- It ensures grid stability: Recently, the West Australian state government released Distributed Energy Resource Roadmap. The report revealed that due to the prevalence of rooftop solar photovoltaic systems (PV), on a frequent basis minimum demand for power from the grid tends to occur, usually in the middle of the day.
It creates problems with regard to power system security, that is with the system's ability to continue functioning within defined technical limits even when big generator or major customer, drops from the system. It always happens during low load and high solar generation. Such issues will be going to rise with the increasing use of rooftop solar PV in the future.
Nationwide, grid operators – also known as distribution network service providers ('DNSPs') are facing the impact on their grids of energy generated and exported by solar PV. To reduce the quantum of solar PV exported, DNSPs and energy retailers are intending to implement tariffs. For consumers who produce solar energy, these new tariffs are a strong nudge to save the energy generated via solar energy in their own facility or distribution network service providers (DNSP) - systems.
- Protection from blackouts:Soluna Au's residential battery storage offers complete immunity from blackouts.
- Cost-saving: These products offer dollar savings on the electricity payment bills.
- Reduces-waste: Soluna Au's products aid the company in ‘closing the loop’ on the entire battery lifecycle through the recycling of used batteries at the end of their useful life.
The demand for battery storage products seems unaffected from Covid-19 uncertainty
Despite the challenging business environment due to Covid-19, consumer interest in energy-storage products has remained robust. A country wide network of 'preferred partner' installers was set up by Soluna Au. The sales orders were bagged quickly after its initial product shipment was received early this month.
Must read: Lithium Australia's progress in maintaining operations during an uncertain environment
On 24 July, LIT closed the day’s trade at AUD 0.055 and was up by 7.8 per cent, with a market cap of AUD 31.05 million.
