WEC Energy Group announces project to demonstrate long-duration organic flow battery storage

Rhea-AI Summary

WEC Energy Group (NYSE: WEC) announced a pilot project at its Valley Power Plant in Milwaukee to test a new form of long-duration energy storage. This collaboration with EPRI and CMBlu Energy aims to evaluate a battery system that can discharge for five to ten hours, potentially doubling the duration of current lithium-ion batteries. The project, set for testing in Q4 2023, signifies a commitment to clean energy innovations, with findings to be shared with the utility industry in early 2024. The initiative reflects WEC's goals to enhance resilience and support the energy transition.

Positive

• Pilot project at Valley Power Plant to test long-duration energy storage.
• Collaboration with EPRI and CMBlu Energy, indicating strategic partnerships.
• Battery system capable of discharging for 5-10 hours, longer than standard lithium-ion batteries.
• Results will provide key insights for the broader electric utility industry.

Negative

• None.

MILWAUKEE, Feb. 2, 2023 /PRNewswire/ -- WEC Energy Group (NYSE: WEC) today announced that the company will lead a pilot project at its Valley Power Plant in Milwaukee to test a new form of long-duration energy storage.

WEC Energy Group is collaborating with EPRI, an independent, nonprofit energy research and development institute, and CMBlu Energy, the developer and manufacturer of the long-duration battery based in California and Germany.

This 1-to-2-megawatt-hour pilot project will be one of the first to test this type of energy storage system on the U.S. electric grid.

"One of our most important goals is to help shape the future of clean energy — testing technologies that could be true game changers," said Gale Klappa, executive chairman — WEC Energy Group. "On-demand energy storage is clearly a key component to an energy transition that is affordable, reliable and clean."

"The results of the pilot will provide key insights on how this innovation can be applied around the country," said Neva Espinzoa, EPRI vice president — energy supply and low-carbon resources. "We look forward to collaborating with WEC Energy Group and CMBlu Energy to help provide solutions to enable additional resilience through the energy transition."

The CMBlu Organic SolidFlow energy storage system uses a proprietary flow battery technology with components from abundant, recyclable materials. These batteries are expected to provide safe and reliable operation, with a high energy density that will enable compact solutions for a variety of applications for electric utilities.

The project will test the performance of the battery system, including discharge durations of five to 10 hours — up to twice as long as the typical lithium-ion batteries in use today.

The pilot project is planned for testing in the fourth quarter of this year.

"CMBlu Energy appreciates WEC Energy Group's commitment to guide the future of long duration energy storage for its customers and the electric power industry," said Ben Kaun, president — CMBlu Energy Inc. "This demonstration supports our roadmap of tailored products and manufacturing of Organic SolidFlow batteries in the United States."

Findings will be shared with the utility industry. EPRI will share a complete analysis of the project in early 2024.

WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving 4.6 million customers in Wisconsin, Illinois, Michigan and Minnesota.

The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in the Midwest.

WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 37,000 stockholders of record, 7,000 employees and $41 billion of assets.

Forward-looking statements

Certain statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management's current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding corporate initiatives, energy storage capacity, and clean energy projects.  In some cases, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as "anticipates," "believes," "estimates," "expects," "forecasts," "guidance," "intends," "may," "objectives," "plans," "possible," "potential," "projects," "should," "targets," "will" or similar terms or variations of these terms.  Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company's service territories; timing, resolution and impact of rate cases and other regulatory decisions; the company's ability to continue to successfully integrate the operations of its subsidiaries; availability of the company's generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; varying and severe weather conditions; continued industry restructuring and consolidation; continued advances in, and adoption of, new technologies that produce power or reduce power consumption; energy and environmental conservation efforts; natural gas reduction or electrification initiatives, mandates, or similar efforts; the company's ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan; cyber-security threats and data security breaches; construction risks; equity and bond market fluctuations; changes in the company's and its subsidiaries' ability to access the capital markets; changes in tax legislation or our ability to use certain tax benefits and carryforwards; federal, state and local legislative and regulatory changes, including changes to environmental standards, the enforcement of these laws and regulations and changes in the interpretation of regulations by regulatory agencies; supply chain disruptions; inflation; political and geopolitical developments, including impacts on the global economy, supply chain and fuel prices, generally, from the ongoing conflict between Russia and Ukraine; the impact from any new developments relating to the COVID-19 pandemic or any future health pandemics;; current and future litigation and regulatory investigations, proceedings or inquiries; changes in accounting standards; the financial performance of projects in which the company's energy infrastructure business invests; the ability of the company to obtain additional generating capacity at competitive prices; and other factors described under the heading "Factors Affecting Results, Liquidity and Capital Resources" in Management's Discussion and Analysis of Financial Condition and Results of Operations and under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" contained in the company's Form 10-K for the year ended December 31, 2021, and in subsequent reports filed with the Securities and Exchange Commission. Except as may be required by law, the company expressly disclaims any obligation to publicly update or revise any forward-looking information.

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SOURCE WEC Energy Group

FAQ

What is the long-duration energy storage project by WEC Energy Group?

WEC Energy Group is leading a pilot project to test a new long-duration energy storage system at its Valley Power Plant in Milwaukee.

When will the pilot project for long-duration storage be tested?

The testing for the pilot project is planned for the fourth quarter of 2023.

What technology is being used in WEC Energy Group's battery project?

The project uses CMBlu Energy's Organic SolidFlow battery technology, which is designed for longer discharge durations.

Who is collaborating with WEC Energy Group on this energy storage project?

WEC Energy Group is collaborating with EPRI and CMBlu Energy on this innovative energy storage project.

What will be the outcome of WEC's pilot project on energy storage?

The findings from the pilot project will be shared with the utility industry and a complete analysis will be released in early 2024.