ZBB Energy, a renewable energy power platforms developer, has formed a joint venture with Honam Petrochemical, a division of the Lotte Group, headquartered in Seoul, South Korea.
Honam is to pay ZBB $3 million (€2.07 million) over a four-quarter period and gain non-exclusive rights to sell its products in Japan, Thailand, Taiwan, Malaysia, Vietnam and Singapore. Honam will have exclusive rights to manufacture and sell the V3 within Korea and will pay a royalty for jointly developed product sold outside of Korea.
Honam Petrochemical, a producer of petrochemicals and synthetic resins, has identified energy storage as a strategic priority business.
‘Honam Petrochemical has identified energy storage as a priority business, so we looked to ZBB Energy to form a strategic partnership with as they are the leader in Zinc-Bromide flow battery technology. Together, we will be able to further the technical development of flow battery technology and offer the best energy storage solution for smart grid applications,’ says an official from Honam.
‘Our collaboration with Honam will enable the global scale production and market penetration of the Zinc-Bromide flow battery by giving us access to critical supply chains, strong R&D, and a powerful channel partner,’ says Eric Apfelbach, CEO of ZBB Energy.
‘We look forward to deepening the relationship over the coming years as we grow the flow battery business in Asia. Honam and ZBB share the vision that energy storage is a ‘Megatrend’ opportunity as solar and wind energy reach grid parity and global scale.’