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American Vanadium to Install Battery System in New York

American Vanadium Corp. (AVC), owner of the only known U.S. deposit of the metal, agreed to install an energy-storage system designed to reduce power costs for the agency that operates New York’s subways and buses.

The $1.2 million project will feature three vanadium-flow batteries at a Metropolitan Transportation Authority building in downtown Manhattan, the Vancouver-based company said today in a statement.

"The system is expected to validate the company’s technology as a way to cut utility bills. The MTA plans to charge the batteries at night when power is cheap and discharge them when energy is more expensive, said Bill Radvak, American Vanadium’s chief executive officer.

“The MTA wants it there as they are big believers in energy storage,” Radvak said in an interview. “This is a very high profile site that will stimulate the market.” American Vanadium is paying about $700,000 and the New York State Energy Research and Development Authority will pay another $500,000.

Demand for power storage is growing, driven in part by wider use of battery systems to complement rooftop solar-power projects and electric vehicles. Tesla Motors Inc. (TSLA) on Feb. 26 announced plans for a $5 billion factory to cut the cost and increase the supply of batteries for both homes and its electric cars. California regulators in October ordered the state’s utilities to buy 1,325 megawatts of energy storage by 2020."

Link to full article
http://www.bloomberg.com/news/2014-04-23/american-vanadium-to-install-battery-system-in-new-york.html