Jurisdictions still relying on coal to produce electricity should take note of some new renewable electricity costing results. According to ViZn Energy Systems Inc., it can generate a 7% internal rate of return with a power purchase agreement of $0.04 per kilowatt hour.
These figures, the company says, are achieved when connecting a 30 MW, four-hour zinc iron flow battery energy storage system to a 100 MW solar facility. They are lower than coal-based power, which has been pegged at $0.06 per kWh by Bloomberg New Energy Finance.
This, says ViZn Energy, paves the way for 100% renewable energy penetration. It also shows that alternative energy storage technologies can be more cost effective than lithium ion batteries.
"The lowest cost and most abundant energy now comes from solar and wind, and these systems can now produce power 24/7 because of energy storage. More importantly, ViZn's flow battery systems do it at a fraction of the cost of lithium ion. "Solar Nights™" are now a reality and they are powered by clean, domestically produced, low cost, and infinitely available energy," said Ron Van Dell, CEO at ViZn Energy.
ViZn's full-service zinc-iron flow battery system can deliver both power and energy services for 20 years with no fade and can operate two, full-duty cycles per day. This means the company’s technology can help utilities balance intermittent renewable energy while dispatching to address high value ancillary services such as frequency regulation, spinning reserve, transmission and distribution deferral, black start, and congestion relief.
"Nearly every utility daily demand curve in the world has a morning peak and a late afternoon peak and almost every solar and wind farm is financed for a 20-year economic lifetime. It is not hard to understand how a fade-free battery that delivers two cycles per day for 20 years is able to contract for output at record low energy storage system prices," added Van Dell.
ViZn is currently delivering systems in the US, Canada, Central America, Europe, and India. ViZn Energy's flow batteries experience zero capacity fade over 20 years and they have full access to 100% of their state of charge, giving them significantly more usable output than competitive batteries. They are also uniquely capable of performing both rapid, high-power discharges and slower, long-duration releases at lower power - unlike other comparable storage technologies which can only do one or the other. The inherently safe zinc-iron chemistry uses globally abundant materials and is non-flammable, non-toxic, and is easily recyclable at the end of its life.