alpha-Encorp Receives $1 Million to Support the Development of its Battery Technology
YONKERS, New York, July 16, 2019 /PRNewswire/ -- alpha-Encorp (OTCQB: ALPE) today announced that it has received a $1 million technology development grant from the New York State Energy Research and Development Authority (NYSERDA). The funding will help to pay for the significant amount of research and development that is required to bring disruptive battery technology from the laboratory to final commercialization.
Once developed, the technology could have wide implications and potentially be used for electric vehicles, portable electronics and stationary batteries, thereby supporting Governor Andrew M. Cuomo's nation-leading clean energy goals. Current lithium ion batteries for transportation and portable use rely on lithium graphite anodes. For the widespread adoption of electric vehicles and their associated environmental benefits to occur, a lower weight and higher efficiency alternative to the lithium graphite anode must be provided. alpha-Encorp has developed a low energy, low cost, process for the electrolytic deposition of thin films of high purity lithium metal. This project will enable alpha-Encorp to refine and scale up the manufacturing process and demonstrate its product for potential customers.
alpha-Encorp's patented process allows for the electro-deposition of a thin film of pure lithium on any conductive substrate with minimal energy consumption and no environmental impact. The goal is to automate and adapt this process to manufacture lithium metal anodes for next generation batteries in commercial quantities.
"We are delighted and honored that NYSERDA has chosen our patented and proprietary technology to be worthy of its support. This is another milestone for our company in its mission to change the way energy is stored and utilized. Next generation batteries will have a very significant role in shaping the way we live, drive and communicate in the future and alpha-Encorp's technology will be in the center driving that change. So we will continue to execute our strategy and as a result change the battery industry and create shareholder value," commented Jerome Feldman, Executive Chairman of alpha-Encorp.
Alicia Barton, President and CEO, NYSERDA, said, "It is critical to invest in research and development of technologies to support New York's growing green economy and meet Governor Cuomo's nation-leading clean energy goals. I look forward to watching this project develop as energy storage has tremendous potential to impact the lives of millions of New Yorkers through numerous applications including helping to modernize and provide resiliency to our electric grid."
NYSERDA administers numerous programs and initiatives through its Innovation portfolio to provide entrepreneurs and early-stage companies exclusive access to development partners, investors, and talent. A suite of strategically located resources throughout the state, including clean energy incubators, proof-of-concept centers, manufacturing development sites, and a statewide mentoring program, supports various stages of technology development and commercialization.
Overall, NYSERDA is deploying $800 million over 10 years as direct investments and commercialization support for early-stage ventures.
CONTACT: Thomas Suppanz, [email protected], 914-418-2000
SOURCE alpha-Encorp
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