Pu Neng Receives Major Investment from HPX for Scale-Up of its Advanced Vanadium Redox Battery (VRB®)

VRB technology poised for massive growth in support of renewable energy

Pu Neng has attracted a major investment from High Power Exploration (HPX), bringing total invested capital to-date to over $90 million. The company has the most advanced flow battery technology in the world, including proprietary membrane, electrolyte and cell stack designs. With a clear mandate and strong support from HPX, Pu Neng is now positioned for high growth in the rapidly expanding energy storage market.

Pu Neng’s VRB technology delivers an almost infinite number of cycles for utility-scale energy storage and is much better suited than existing lithium-based batteries to meet the long-duration, deep-discharge requirements of solar and wind grid integration.

The company has named Dr. Mianyan Huang, the distinguished China 863 Program Leader for flow battery development in China, as its new President of China Operations. “We are ready to meet the need for low-cost energy storage in China,” said Dr. Huang. “With this HPX investment, we are now well-positioned to deliver a number of large-scale projects, including microgrids that will help to help alleviate poverty across rural China, and several projects in central China and overseas that are connected to grid-scale solar and wind farms.”

Pu Neng has recently achieved two significant product milestones. The first is the completion of rigorous acceptance testing and approval by State Grid Corporation of China (State Grid), the world’s largest electric utility company, of an eight megawatt-hour (MWh) VRB system installed at State Grid’s cutting-edge solar-wind-storage project in Zhangbei. The system achieved 100% availability during the testing program and has demonstrated two full years of reliable performance.

The second milestone is the completion of factory acceptance testing of the company’s new Gen2 Vanadium Redox Battery Energy Storage System (VRB-ESS®) product, which is now shipping commercially. The Gen2 product represents a 35% cost reduction, 50% smaller footprint, and a 10% improvement in performance versus previously installed Gen1 systems.

Eric Finlayson, President of HPX, commented, “HPX is pleased to bring its financial resources and management experience to help grow the Pu Neng business. China not only has the world’s leading vanadium battery technology in Pu Neng but it has the world’s highest-quality vanadium resources. By integrating the two, China and Pu Neng will be key contributors in the global transition to a clean energy economy.”

About Pu Neng

Pu Neng, formerly Prudent Energy, is a fast-growing, privately-held clean technology innovator. The company has developed the most reliable, longest-lasting vanadium flow battery in the world, with over 20 MWh of systems deployed and over 800,000 hours of demonstrated performance. Pu Neng is the technology leader in the field, and the combination of its proprietary low-cost ion-exchange membrane, long-life electrolyte formulation, and innovative flow cell design sets it apart from other providers. Pu Neng’s vanadium redox battery (VRB®) systems store energy in the liquid electrolyte in a patented process based on the reduction and oxidation of ionic forms of the element vanadium. This is a nearly infinitely repeatable process that is safe, reliable, and non-toxic. Components can be nearly 100% recycled at end-of-life, dramatically improving lifecycle economics and environmental benefits compared to lead-acid, lithium and other battery systems. Please visit our website at www.punengenergy.com.

About High Power Exploration

High Power Exploration (HPX) is a privately owned, metals-focused exploration company that also invests in minerals-dependent, high-growth emerging technologies. HPX has a highly experienced board and management team led by Co-Chairman and Chief Executive Officer Robert Friedland, Founder & Executive Chairman of Ivanhoe Mines, and President Eric Finlayson, a former head of exploration at Rio Tinto. For further information, please visit www.hpxploration.com.


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