GE Energy Storage, a unit of GE Transportation, which is a part of General Electric (GE - Analyst Report) has formed a strategic alliance with Xtreme Power, a private integrated energy storage turn-key solutions provider, in order to provide cutting-edge energy storage solutions.
The agreement brings together GE's Durathon* battery technology for grid energy storage systems and Xtreme Power's Xtreme Active Control Technology (XACT), facilitating safer and highly efficient storage of substantial quantities of electricity at low cost for grid applications.
Energy storage technologies and solutions are crucial elements of today’s development, given the growing need for electricity in every sphere of life. Therefore, power utilities or electric grids have to regulate the amount of electricity generated to meet this changing demand.
Simultaneously, as these electric grids are required to operate constantly it is very important for them to have both efficiency and longevity. The recent power blackout in Northern India (one of the world’s worst blackouts) emphasizes the need for efficient power management solutions.
With their efficient energy storage systems, GE and Xtreme Power together are looking to exploit opportunities at electric grids (both old and new) all over the world. Siemens AG. (SI) is one of the primary competitors in this segment.
The new GE Durathon battery products last up to ten times longer than conventional lead acid batteries and store more energy in half the space. They are also eco friendly.
GE Energy Storage, a unit of GE Transportation, is a global technology leader and supplier of advanced battery energy storage systems. Headquartered in Schenectady, New York, GE Energy Storage offers Durathon battery modules and complete energy storage solutions to the Telecom, UPS, Energy Management, Power Generation, Grid Operation and Motive power industries.
Austin, Texas-based Xtreme Power’s XACT is an innovative control system architecture offering sophisticated control algorithms, real time response, remote monitoring and optimized power management. Xtreme Power is a leading provider of scalable, real-time power management and energy storage solutions that enable a sustainable, reliable and cost-effective electric grid.
General Electric and Siemens both currently have a Zacks Rank of # 3 which implies a short-term ‘Hold’ recommendation on the stocks.