There are many technologies that are attempting to compete with lithium-ion for a share of the growing battery storage market in the United States. One of the more novel approaches was being led by Aquion Energy, which attracted $190 million in venture capital and debt for its “saltwater” battery, which utilized non-flammable, non-toxic components to provide long-duration energy storage.
This approach was sidelined when Aquion went bankrupt in early March, but now the company has resumed operations under a new owner. Late last week Juline-Titans LLC, a subsidiary of China Titans Energy Technology Group, bought the company for $9.2 million in a bankruptcy sale.
A brief statement by Juline-Titans CEO Philip Juline notes that the company will now rebuild its teams, and attempt to expand into the Chinese and “other global markets”. “We are refocused on technology and go-to-market opportunities that will grow significant volume for the company in the coming years,” stated Juline.
“Aquion’s battery technology has always been world leading. We now need to focus on what we do best – creating the safest, cleanest, and lowest cost per kWh-cycle battery technology in the world – with a simple business model that can effectively compete in the marketplace.”