WILTON, Conn., April 01, 2019 (GLOBE NEWSWIRE) -- Cadenza Innovation, the award-winning provider of safe, low cost, high-performance lithium-ion-based (Li-ion) energy storage solutions to battery manufacturers, today announced that Founder and CEO Dr. Christina Lampe-Onnerud will join global leaders at the World Bank Group International Monetary Fund Spring Meetings for the panel, “The Transformative Power of Energy Storage.”

The conference is set for April 12-14 at the World Bank Group’s Washington, D.C. campus. Dr. Lampe-Onnerud’s panel will take place on the first day of the event.

In a major announcement last September, the World Bank Group committed $1 billion for a new global program to accelerate investments in battery storage for energy systems in developing and middle-income countries. The initiative is expected to help these countries ramp up their use of renewables – particularly wind and solar power – improve energy security, increase grid stability and expand access to electricity. 

The $1 billion in World Bank Group financing is expected to mobilize another $4 billion in concessional climate financing and public and private investments. The program aims to finance 17.5 gigawatt hours (GWh) of battery storage by 2025 – more than triple the 4-5 GWh currently installed in all developing countries. The announcement has generated strong, sustained interest from governments, energy companies, private investors, industry groups, national and independent energy institutions, and universities.

Moderated by World Bank Group Senior Director and Head of Energy and Extractives Riccardo Puliti, Dr. Lampe-Onnerud will join panelists to discuss the development of policies and regulations required to promote the deployment of energy storage. A two-time World Economic Forum Technology Pioneer winner, she will share insights into topics that include the implementation of procurement practices in favor of economically feasible and environmentally friendly battery technologies.

The World Bank Group International Monetary Fund Spring Meetings will convene hundreds of stakeholders for in-depth discussions about the role of battery storage in fueling the integration of even more solar and wind power into countries’ energy mix. Doing so promises to stabilize and strengthen existing electricity grids and supports the global push to adopt more clean energy in mitigating climate change. The conference will also highlight the role of partners in growing new markets for battery storage. Notably, governments are critical in ensuring adequate policy and regulatory frameworks that promote storage, and can help foster further international support for battery storage investment programs in developing countries.

“Combating climate change is arguably the most pressing challenge we face as a society,” said Dr. Lampe-Onnerud, who also serves as co-chair of the World Economic Forum’s Global Future Council on Energy. “We must take definitive action now to adopt more cost-effective, cleaner energy sources. Fortunately, we’re seeing tremendous advancements in wind and solar, paired with battery technologies that provide the energy storage needed to complement those renewables. I’m excited to participate in helping to define a roadmap for continuing the progress we’re experiencing around the globe and applaud the World Bank Group for its remarkable commitment to championing these critical issues.”

Initially targeting the utility/grid, electric vehicle (EV) and industrial markets, Cadenza Innovation’s patented supercell serves as the cornerstone of its novel energy storage architecture. Providing unparalleled simplification in battery pack design, it substantially reduces production and manufacturing costs, overcomes safety issues and improves energy density. In February, the company signed a licensing agreement with Australia’s Energy Renaissance. Last fall, Cadenza Innovation and Shenzhen BAK Power Battery Co., Ltd. (BAK) announced plans to manufacture Li-ion cells and modules based on Cadenza Innovation’s supercell architecture. Several months earlier, the company was awarded funding for a grid-focused demonstration project to further New York State’s nation-leading clean energy goals.

About Cadenza Innovation, Inc.

Founded in 2012 by lithium-ion battery experts with more than 125 patents, Cadenza Innovation is capitalizing on its intellectual property, field-proven operational and mass production expertise and partner network to establish itself as a leader in low cost, safe and energy dense storage solutions. Licensing its technology for immediate access, company executives have held key roles at lithium-ion battery cell, pack and system provider Boston-Power, investment firm Bridgewater Associates, consulting firm Arthur D. Little and other globally respected organizations. Cadenza Innovation is backed by funding from the U.S. Department of Energy, the states of New York, Connecticut and Massachusetts, Golden Seeds and private investors. Headquartered in Wilton, Connecticut, the company has advanced technology development labs at 1 Duracell Drive in Bethel, CT. For more information, visit www.cadenzainnovation.com.

All product and company names herein may be trademarks of their respective owners.

Contact:
Courtney Kruzement
CHEN PR for Cadenza Innovation
ckruzement@chenpr.com
781.672.3132

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/1c73ece2-d163-41e7-9457-0ca9bca4abf4