Batteries are essential for both electric vehicles and renewable energy, yet both industries are being held back by battery storage limitations. Extreme Vehicle Battery Technologies Corp.'s (ACDC:CSE) battery management system could be the game-changer to make it possible for these industries to go mainstream.
"Major revolutionary changes to our world as we know it, disruptive technologies such as electric vehicles and renewable energy as the primary energy source for the world, are not possible without battery technology," EV Battery Technologies CEO Bryson Goodwin told Streetwise Reports. "Today we are nowhere near where we need to be to have batteries become a backup for electric vehicles, remote communities, office buildings, smart grids and more. The technology just simply isn't there to back up the world in real time. We are not even remotely close."
"We believe that we can be one of the most disruptive forces in the ESS market." - CEO Bryson Goodwin
The company set out to change that, and started by analyzing different technologies. "We found one technology that we fell in love with; it was developed by RichPower. That company was able to aggregate a tremendous amount of data on batteries, and the most genius thing it did was develop an algorithm, based on artificial intelligence (AI), using machine learning technology to remotely manage and significantly extend the life of any battery system," Goodwin said.
EV Battery Technologies noted that through the use of AI, RichPower has developed a "smart" battery management system (BMS) that "learns and evolves with user behaviors resulting in a significant increase in power saving and efficiency. Its AI algorithms can specifically predict future failures and provide more stable operations and remote maintenance on battery systems."
The system, using AI, optimizes battery performance by automatically isolating and rerouting around problem cells, so that the user doesn't see a degradation in performance.
RichPower holds more than 70 patents on its technology, with more pending.
"This BMS system allows batteries to be more efficient and battery reading to be more accurate, which means you can have real time monitoring and can also more accurately predict future performance," Goodwin stated. "You're even able to maintain these batteries remotely."
Goodwin sees the battery management system as making possible the wave of the future. "Batteries can be more efficient, more reliable and last longer. Because the system is based on artificial intelligence in the first place, by continuing to collect more data in real time, the machines will continue to learn and develop even more revolutionary batteries in the future."
EV Battery Technologies has licensed the technology from RichPower and holds exclusive rights for North and South America, Europe and Africa, while RichPower focuses on Asia. "RichPower supplies batteries to clients in China like Huawei, the number one cell phone player in the world. RichPower is a very large, extremely credible and reputable company, and they are a pleasure to work," Goodwin said.
The company plans to focus on two major markets: electric vehicles (EV) and battery storage energy storage systems (ESS).
"We believe we can disrupt the ESS market fairly quickly," Goodwin said. "We're not in the development mode, we're not a pie in the sky dream technology. Not only does our technology exist, our partner (RichPower) sells over 700,000 of these products annually in Asia."
EV Battery Technologies plans to first target niche markets, such as buildings. "Commercial, industrial and residential buildings are mostly just connected to the grid. In many places, peak energy costs can be many times higher than off-peak costs. We can put in battery systems that power the building during peak times and fill during the less expensive off-peak times. The spread is massive. In addition to cost savings, dynamic peak shaving lessens the demands on the grid and puts less pressure on the power system," Goodwin explained.
Real time monitoring and remote maintenance makes the system tailor made for remote and off-the-grid applications. "An off-the-grid application, such as a remote community or a remote mine that is using renewable energy, such as solar or wind, requires state of the art to balance out the intermittent nature of renewable energy," Goodwin said. "We can put in a reliable renewable energy backup system for remote communities. With real time monitoring and remote maintenance, you don't have to worry about the stress of wondering if these batteries are going to hold, and you also remove the need for expensive diesel."
The battery management system is even able to revive and reuse spent batteries. E-waste has become a major ecological issue, but EV Battery Technologies can reduce it because it is able to "perform a proprietary rapid testing program to quickly and thoroughly analyze used batteries. Once data is entered into its proprietary AI based technology and the analysis is completed, the company can then determine to either refurbish the batteries back to 100% or reuse the batteries in future ESS production."
"We have a solution for the batteries that were e-waste. We love the fact that we're powered by second life batteries for some of our markets. We love that we are a primary player in the EV rapid growth revolution. And we believe that we can be one of the most disruptive forces in the ESS market," Goodwin concluded.[NLINSERT]
1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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