Ener1 Signs Strategic Energy Storage Agreement with Russian National Grid Operator

Fri, 11/05/2010 - 1:25pm

ENER1, Inc. has signed a strategic cooperation deal with a division of the Russian Federal Grid Company (FGC) to co-develop storage systems under a nation-wide grid modernization program. An equipment-supply, business and technical consulting contract has been signed for $40 million. The Russian government has funded the update of the country’s power transmission infrastructure at a level of $15 billion through 2012.

"This is a unique opportunity for an American company to get in on the ground floor of Russia’s historic shift toward energy efficiency as a full-fledged partner," said Bruce Curtis, President of Ener1 Grid Storage. "FGC is in a leap-frog mode to incorporate lithium-ion storage technology for multiple uses in an overhaul of what is one of the world’s largest bulk power grids. Russia is the largest country in the world and we believe this contract is only the beginning for us there."




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