BELMONT, Calif., March 25, 2015 /CNW/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced that it plans to purchase up to 1,000 vanadium flow batteries (over 100 megawatt hours) from Imergy Power Systems, a leader in advanced energy storage solutions. The vanadium flow batteries will be used to store solar-generated electricity for SunEdison's rural electrification and solar powered minigrid projects in India.
"Energy storage is the perfect complement to solar powered minigrids because it enables us to provide dependable, 24/7 electricity," said Ahmad Chatila, President and Chief Executive Officer of SunEdison. "And Imergy's technology is a great fit for rural electrification because their systems are high performance, low cost, ultra-durable and need very little maintenance."
"Imergy is proud to be working with SunEdison to bring electricity to the under-served in rural India," stated Bill Watkins, Chief Executive Officer of Imergy Power Systems. "Imergy's storage systems are safe and sustainable, and provide the lowest cost and most reliable way to store energy for these minigrids."
SunEdison will also increase its equity investment in Imergy. This strengthens the supply relationship between the two companies as SunEdison begins deployment of its extensive rural electrification program in India.
For more information on Imergy's Vanadium Flow Storage Systems, please visit www.imergy.com/technology.
SunEdison is the world's largest renewable energy development company and is transforming the
way energy is generated, distributed, and owned around the globe. The company manufactures solar technology and develops, finances, installs, owns and operates wind and solar power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides asset management, operations and maintenance, monitoring and reporting services for its renewable energy customers around the world. Corporate headquarters are in the United States, with additional offices around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About Imergy Power Systems
Imergy Power Systems is a leader in stationary energy storage solutions using innovative flow battery technology. Its proven Energy Storage Platform (ESP) provides a total solution to reduce energy cost and optimize renewable power generation while improving overall power reliability. Imergy Power Systems is headquartered in Fremont, California, USA, with additional operations in Europe, Asia, and the Americas. The Company's investors include venture capital firms NEA, Technology Partners, and Blue Run. For more information about the company, please visit www.imergy.com or follow us on Twitter.
SOURCE SunEdison, Inc.
For further information: Press Contacts: Tory Patterson, Grayling for SunEdison, [email protected], +1 (619) 269-9518; Ryan Mattison, Eastwick for Imergy Power Systems, [email protected], +1 (949) 680-9110; Investors/Analysts: R. Phelps Morris, SunEdison, [email protected], +1 (314) 770-7325, http://www.sunedison.com