According to a report published on Renewable Energy World, investors are looking to find cost-effective methods to store power and balance energy systems. The search has been driven by
rising generation capacity of renewables, led by solar PV and wind power.
The report further notes that there are several types of energy storage technologies in various stages of development, ranging from power-to-gas, batteries and flywheels to compressed air and hydrogen. The report, citing data from Navigant Research, added that there were 362.8 MW of energy storage products announced globally in the 2013-2014 period.
Navigant Research expects worldwide revenue from energy storage to increase from $675 million in 2014 to $15.6 billion in 2024. This is phenomenal growth by any standard and not surprisingly investors have been taking a keen interest in the energy storage space.
The outlook also augurs well for Oakridge Global Energy Solutions Inc. (OTCQB:OGES), which is engaged in the development, manufacturing and marketing of energy storage products. This morning, the Palm Bay, Florida-based company announced a Strategic Business Alliance Agreement with Tokyo, Japan-based Sojitz Machinery Corporation.
The news has sent OGES shares sharply higher on a day when the broader market is struggling. At last check, OGES shares were trading 11.67% higher at $0.670 on above average volume of 57,970.
According to the terms of the agreement, Sojitz will provide equipment, materials and financing to support the planned growth of Oakridge in the lithium ion battery market. Oakridge is currently supplying products in the lithium battery market from its 70,000-square-foot-facility in Palm Bay, Florida, including battery systems for motorcycles and recreational vehicles, golf cars, unmanned radio controlled vehicles, and living space power.
The company has also announced the launch of its thin film solid state battery product line for 2017.
Commenting on the agreement with Sojitz, Steve Barber, Chairman and CEO at Oakridge, said that the company regards its relationship with Sojitz as highly important because of the high profile global presence that the Japanese company has in several different businesses, its vast experience in the worldwide equipment and materials supply markets, and its immense network of relationships within the global lithium battery sector.
Barber further said that OGES is excited and honored to be working with one of the leading Japanese trading houses as it works together with Sojitz on a long-term basis to grow its battery business and fulfill its strategic growth objectives.
