- Published: 22 December 2015 22 December 2015
ORIX Corporation has acquired a stake in the US-based startup UniEnergy Technologies, LLC (UET), which develops and manufactures large-scale energy storage systems.
ORIX has acquired 10% of the voting rights in the holding company that owns 100% of UET's stock by purchasing preferred voting shares that the holding company issued through a third-party allocation. UET is a startup founded in 2012 by two researchers who developed a next-generation vanadium electrolyte while working at the US Department of Energy's Pacific Northwest National Laboratory (PNNL). UET is licensing the vanadium electrolyte technology from PNNL under a long-term competitive agreement. The vanadium redox flow battery (VRB) commercialised into a utility-class system by UET can be left charged for long periods of time, easily accommodates large capacities, and is long-lasting. By increasing the energy density and operating temperature of the electrolyte, UET has also succeeded in reducing the VRB's installation space. An integrated manufacturer of vanadium energy storage systems based in Dalian, China has held a stake in the startup since its founding. Besides working to expand sales in the US market, UET also has its sights set on future expansion in the Chinese and Japanese markets with the partnership of its shareholders.