Ivanpah Solar Energy, which is developing batteries for wind turbines, is looking for an investor to buy the company’s solar energy technology.
The company recently announced that it has raised $3.5 million in Series B financing.
In its most recent quarterly report, Ivanpampah said its battery technology, known as Solar-Powered Energy Storage (SPES), can store up to 300 megawatt hours of electricity and can recharge the battery at a rate of 1.5 kilowatt hours per day.
Ivanpahs battery can store energy in a water-tight container and can be recharged by using solar panels.
“It’s been very exciting to be able to deliver a commercial battery that is scalable to meet our customer requirements,” said Ivanpachan CTO and chief technology officer Vivanpa Vukovic.
Ivanpas battery can be stored in water, in air, in the airless vacuum of space, in a liquid, or in liquid nitrogen.
“We believe that our technology is scalable, reliable, and energy efficient, and it can also be installed on the roof of your home,” said Vuković.
Ivanpaah is one of several companies developing solar energy batteries for residential use.
The Chinese manufacturer is also working on solar power storage for small business.
Solar energy is the primary energy source for the United States, and more than 90% of the world’s solar power is generated in the United State.
In 2016, the U.S. solar industry experienced a total of $11.4 billion in installed solar energy capacity, according to the Solar Energy Industries Association.
The United States is the world leader in installed capacity, but China and India are leading the world in installed battery capacity.