The two companies plan to offer a complete solar power and energy storage system for the residential, commercial and industrial markets, with the first bundled product expected to be available market by September. “Energy storage is an essential key to unlocking the full potential of renewable energy,” said Charles Kim, president of Hanwha SolarOne. “It enables a smarter energy grid and achieves reliability and value for a solar system”
The solar firm’s parent company, Hanwha Group, led Silent Power’s Series B funding round with an $8 million investment. “The investment in Silent Power is an aggressive move into an important market downstream and lays the foundation for a robust partnership,” Hanwha said. The partnership will feature a co-marketing strategy for bundling Hanwha SolarOne’s PV panels with Silent Power’s distributed energy storage device, the OnDemand Energy Appliance.
The ability to store energy for later use enhances the value of solar PV by stabilizing intermittent solar energy generation and reducing peak demand loads across the grid, the Korean firm explained. “Energy production from solar PV peaks during prime sunlight hours, typically from 9 a.m. to 3 p.m., and does not always align with the peak demand for energy. By storing excess energy produced during times of peak production, the energy can be saved for later use.”
The stored energy can be used locally by the owner of the system, or can be used by the local utility company to provide power to the electric grid during times of peak demand. The OnDemand Energy Appliance can also provide backup power to the owner during grid outages.