Ultralife Batteries (ULBI) Gets $2.4 Mill For Lithium Battery Development

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10:39:04 am on March 23, 2010

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Ultralife Batteries (ULBI) will get $2.4 million from the New York State Energy R&D Authority for the development of a 1MW-hour lithium battery storage system integrating batteries, ultracapacitors and green energy sources to create an important piece of the smart grid puzzle.

ULBI’s system allows grid operators and renewable energy companies to monitor the grid and control the storage and flow of power.  They received the award to support the work of the NY Battery & Energy Storage Consortium which is a coalition focused to accelerate the advancement of storage technologies in the state.  New York faces the same problems that all states face with an antiquated grid – significant renewable power is wasted due to the lack of storage and the inability to distribute the power during peak demand.

ULBI CEO John Kavazanjian commented:  “We are looking forward to finalizing the project details with NYSERDA in the near future such that we can soon initiate activities under this important industry-led partnership. This project will further advance our strategy of introducing lithium ion energy storage systems and services, integrating energy monitoring, management technologies and services, linking lithium ion batteries to more renewable energy solutions for grid efficiency and deploying solar power solutions for remote, portable and stationary power applications.” 

Shares of ULBI are up about 2% today.  Shares have been mired in a long two year down trend, but recently have begun to show some signs of life.  Might be a stock worth watching in the coming months.

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