Braking energy recuperation project honored as most innovative mobility energy storage deployment
SAN DIEGO, Oct. 2, 2014 -- Maxwell Technologies, Inc. (NASDAQ: MXWL), a leading developer and manufacturer of ultracapacitor-based energy storage and power delivery solutions, today announced that it is a winner of the Energy Storage North America (ESNA) Innovation Awards, which honor energy storage projects in North America that help solve the challenge of creating a stable and dynamic electricity grid. Maxwell's project to provide ultracapacitors to ABB, the global leader in power and automation solutions, allows Philadelphia-area rail lines to be more energy efficient. The project earned the ESNA Innovation Award in the mobility project category.
Determined by a public vote and evaluation by the ESNA Advisory Board, the ESNA Innovation Awards honor the companies unlocking the potential of energy storage to address today's grid challenges. Winning projects were determined based on customer value proposition and project impact, grid services, financing model, ownership model, safety and security, and technology.
"Energy storage is a game-changer for the electric power system, and this year's ESNA Innovation Awards for outstanding projects reflect that," said Janice Lin, managing partner of Strategen Consulting and co-founder of the California Energy Storage Alliance. "These are standout projects in terms of commercial impact, customer value and technical performance, and they underscore the value of storage for utilities, developers and energy users."
In order to increase energy efficiency and gain revenues from the sale of frequency regulation services to the grid while also extending battery life, ABB incorporated Maxwell ultracapacitors into its ENVILINE energy recovery and storage system in a substation of the Southeast Pennsylvania Transit Authority's (SEPTA) light-rail system. To date, the ENVILINE system, which also includes Saft lithium-ion batteries and Viridity Energy's management software, has reduced grid-supplied electrical energy consumption by 10 to 20 percent, and more than $250,000 of yearly economic benefits have been achieved through this improvement and the sale of services that help the local electricity grid be more stable and efficient.
Dr. Kimberly McGrath, director of business development at Maxwell Technologies, said, "The recognition by ESNA for our deployment with ABB and SEPTA validates the market opportunity for ultracapacitor-based grid services as the trends of energy conservation, reduction of fuel consumption and emissions, and a smart grid future gain considerable momentum."
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About Maxwell: Maxwell is a global leader in the development and manufacture of innovative, cost-effective energy storage and power delivery solutions. Our ultracapacitor products provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. Our radiation-mitigated microelectronic products include power modules, memory modules and single board computers that incorporate powerful commercial silicon for superior performance and high reliability in aerospace applications. For more information, please visit our website: www.maxwell.com.