Ener1 just announced that it has signed a memorandum of understanding with Russia’s Federal Grid Company.  Per the MOU, the two companies will work together to develop high-performance battery systems to help support Russia’s aging grid, which is expected to experience unprecedented demand in the years to come.

The MOU is part of a $15 billion effort by Federal Grid Company to modernize its power grid.

===> Click Here For Your FREE Ener1 Technical Analysis

In a press release, Ener1 CEO Charles Gassenheimer commented on the news:

“Compared to any of the alternatives, grid storage is a quick, highly cost effective way to solve reliability and power quality challenges on any network, and especially one that is already operating at its limit. Russia and other emerging markets have the opportunity to leapfrog the kind of systems that exist elsewhere because the need for innovative solutions is so acute, and their existing grids are already stretched thin. The ability to store energy to use where and when it’s needed is a big part of that.”