Shares of United Technologies Corp. (UTX - Free Report) gained 1.2% a day after its research and innovation arm United Technologies Research Center’s (UTRC) PureStorage flow battery energy storage technology won R&D 100 Award.
Industry experts and R&D Magazine editors adjudged this technology to be a winner. The PureStorage system provides safe, energy-efficient and readily deployable electric energy storage at 5-10 times the power density of conventional flow battery cells. This new technology is much more suitable for places with frequent power failure as it provides additional power back up. Also, the recognition of this technology could make flow battery systems attractive to utilities for a range of applications.
This new technology is competitive in comparison to other products available in the market and serves both short-duration high power and long-duration high energy applications. The product can be customized as per customers’ requirements. This PureStorage is more cost effective than other similar products and can be used on a daily basis to convert renewable energy sources (solar and wind) into reliable sources of power.
Based in Hartford, Conn., United Technologies provides high-end technology products and services to the building systems and aerospace industries worldwide. The company is a diversified business conglomerate serving various end markets such as aerospace, defense and commercial construction. The business diversification allows the company to remain profitable amid tough economic times.
United Technologies currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now are Hutchison Whampoa Limited and ITT Corporation (ITT) and Tyco International Ltd. , each having a Zacks Rank #2 (Buy).