ION Energy, a Mumbai based firm into battery management and critical infrastucture for electric vehicles, has scored a big win with a multi year contract for managing 581 MWh of storage for esVolta, in North America.
Mumbai-based battery management firm ION Energy has scored a major win for its data analytics platform, Edison Analytics. The firm has been selected by esVolta, a global utility scale energy storage company with a portfolio of of battery energy storage projects across North America. ION Energy also develops infrastructure for EV’s, besides battery storage. The firm’s win underscores the emerging opportunities for firms in the storage space, globally.
The focus of the current project with esVolta will be on improving the efficiency of a total of 581MWh of battery storage for esVolta in North America. esVolta itself is a developer, owner, and operator of utility-scale energy storage projects across North America. The
company’s portfolio of operational plus contracted projects totals approximately 600 MWh of storage capacity, and the
firm is developing a large pipeline of future storage projects. esVolta is supported by a long-term capital commitment
from RBP Partners LLC and a strategic procurement arrangement with Powin Energy Corporation.
ION Energy claims that its platform will save esVolta an estimated rupees three crore annually,on its contracted portfolio of 581 MWh
of energy storage projects.
For ION Energy, its Edison Analytics is a battery analytics platform combining ION Energy’s expertise in batteries with that in data analytic and cloud computing. The firm claims that unlike generic platforms, Edison is designed to improve operational efficiency of battery energy storage systems (BESS) by reducing battery degradation and maximizing energy trading revenues.
All batteries undergo ageing which reduces their capacity to supply energy to the grid, resulting in a decline in dispatch revenues for battery operators. Some ageing in batteries is cyclical and normal, however, abnormal ageing is detrimental to battery health and affects the profitability and reliability of the project.
Edison Analytics analyzes battery data and identifies the causes of abnormal degradation of the batteries. It simulates the batteries’ operational performance and suggests charging/discharging schedules that will result in minimum degradation of the batteries. Additionally, the platform plugs into the energy market managed by the local Independent System Operator (such as California ISO) and helps BESS operators optimize their bidding strategy. By syncing between the optimum charging schedule and forecasting the best possible dispatches into the market, Edison Analytics will help BESS operators take data-driven decisions on timing and number of daily cycles to run.
As part of a pilot study, Edison Analytics worked with the esVolta team on improving the efficiency of one of their sites, the Millikan BESS project – a 8 MWh battery system located in Irvine, California. Using the data from the site, it was able to simulate the number of cycles the batteries could safely undertake per day without excessive degradation. Based on the pilot study, Edison Analytics estimates savings of Rs. 3,00,00,000 (Rupees Three Crore) annually for esVolta by reducing excess battery degradation through improved heating and discharge management. Seeing value in the platform, esVolta has decided to deploy Edison Analytics across their entire portfolio of energy storage systems across 10 locations in North America.
Randolph Mann, Founder And President, esVolta, Lizette Moses, Director of Asset Management, esVolta
Randolph Mann, President of esVolta, says, “Edison Analytics helps us keep an eye on the operational and financial performance of our portfolio. While scaling up, we felt the need for a data analytics platform that was developed, keeping the needs of a BESS business in mind, and that’s where Edison fit in perfectly. ”
Lizette Moses, Director of Asset Management at esVolta, said, “We initially didn’t see a need for complex analytics, but the business needs are changing. Not only is it important to optimize our bidding strategies, we need the ability to do so while protecting the health of our batteries. Edison helps us achieve this by simulating battery health under different dispatch conditions.”
Akhil Aryan, CEO & Co-founder, ION Energy on this landmark deal, said, “Battery storage is an emerging technology that is becoming an indispensable component in the energy market and will help generate renewable power on a much larger scale. We are elated to have partnered with esVolta and demonstrate Edison’s capability to improve the profitability of BESS. This partnership has offered us immense potential to grow and deliver the best solution in all the markets we serve. It bolsters our core offering and defines our leadership in the battery analytics space.”
This partnership with esVolta is a significant milestone for ION Energy, proving the value of data analytics to developers
of BESS in the US and around the world. Launched in September 2019, this is the biggest win by far for the Edison Analytics offering.
The deal with esVolta comes barely three years after ION Energy was launched. The firm had raised an indislosed amount of funding from senior professionals in multiple sectors at the time of launch, and also acquired a french battery management firm, Freemens SAS in February, 2018.