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DONG Energy is investing in Danish cleantech company


19. januar 2009

DONG Energy is joining the group of investors backing LiTHIUM BALANCE A/S, a developer, producer and marketer of battery systems for among other things electric and hybrid cars. At the same time a commercial expansion strategy is being initiated for the company that is expected to increase sales to well into the millions in the coming year. DONG Energy has joined the group of investors backing the Danish-owned LiTHIUM BALANCE. This is the first time that DONG Energy has invested in Danish-developed battery technology.

“We see a great deal of potential for the use of new battery technologies in many different areas of the transport and energy sectors. LITHIUM BALANCE is an exciting high-tech company with a high degree of competence in battery control systems. DONG Energy is interested in LITHIUM BALANCE, because the control system can ensure optimum interplay between the electrical system and groups of batteries, which can be used in electric cars and many other applications in the transport sector,” said Knud Pedersen, Vice President Research & Development DONG Energy on the background to the decision to invest in LITHIUM BALANCE.

“The expected increase in wind power production in Denmark will benefit our investment in LITHIUM BALANCE, because efficient use of wind power is very dependent on our ability to flexibly adapt to electricity demand according to how much wind power we have at our disposal. This effective management of charging and discharging of batteries can shift electricity consumption to nighttime, when there is often ample wind power,” said Pedersen.

DONG Energy previously initiated a partnership with the American company “Better Place” to introduce electric cars to Denmark.

“The investment in LITHIUM BALANCE is another example of DONG Energy’s interest in advancing this development,” said Pedersen.

LiTHIUM BALANCE has expertise in developing large battery sets based on lithium batteries. Lithium battery technology is the key to a breakthrough in electric and hybrid cars, as lithium batteries are more compact and weigh less than other battery types and, moreover, have a longer service life.

For a lithium battery to work, an advanced control system is however required. LiTHIUM BALANCE has developed a unique control system for lithium batteries that can maximize their storage capacity and service life.

“You can compare it with the so-called memory effect in cell phones and laptops, that means that the battery stays charged for an ever shorter time between each recharge, until after one or two years you have to replace it. And in an electric car this would be a catastrophe. The battery pack is so big and expensive that no user will accept a gradual reduction in his driving radius or an expensive replacement,” said Lars Barkler, admin. Director at LiTHIUM BALANCE and added: “Our Battery Management System eliminates the memory effect and gets batteries to last longer.”

The investment by DONG Energy means that LiTHIUM BALANCE can now implement its commercial expansion strategy. The plans include, among other things, the hiring of salesmen and application engineers in Denmark and in the key export markets. Furthermore, product development activities will be expanded for which several development engineers will be hired.

“The partnership with DONG Energy means that we can put our development into top gear. We have the technology and the customers are there. With more development and sales staff, we can expand more quickly in the market and start projects with new customers. On this basis we expect that to considerably increase our sales in the coming year,” said John Amberg, Chairman of the Board of LITHIUM BALANCE.

For further information, please contact:

DONG Energy
Media Relations
Andreas Krog
Tel. 9955 2023

LiTHIUM BALANCE A/S
John Arnberg, Chairman of the board
Mob. 20 42 74 10
Lars Barkler, Admin. director
Mob. 22 78 39 40

About DONG Energy
DONG Energy is one of Northern Europe’s leading energy groups. We are headquartered in Denmark. Our business is based on procuring, producing, distributing, trading and selling energy and related products in Northern Europe. The company delivered revenue of DKK 41.6 billion in 2007 (approx. EUR 5.6 billion or USD 8.3 billion). DONG Energy has more than 5,000 employees. For further information, see www.dongenergy.com.

About LiTHIUM BALANCE
LiTHIUM BALANCE was set up in 2006, and already by 2008 the company’s first product went into production. Although the company is only three years old, LiTHIUM BALANCE with its Battery Management System has already generated a lot of interest from customers all over the world. The company is developing at this very moment new battery sets for a car maker and a series of producers or electrical devices and small vehicles.
For further information, visit www.lithiumbalance.com.


Publisher Contact Information:

LiTHIUM BALANCE
+45 22 78 39 40
-

Company profile of LiTHIUM BALANCE
Past press releases of LiTHIUM BALANCE.

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