This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Ultralife Corporation Awarded $2.4 Million By NYSERDA For Advanced Energy Storage System

Ultralife Corporation (NASDAQ: ULBI) has been awarded approximately $2.4 million by The New York State Energy Research and Development Authority (NYSERDA) for the design, development, prototyping, scale-up and installation of a 1 megawatt -hour lithium ion energy storage system on Ultralife’s Newark, New York corporate campus. The system will integrate lithium ion batteries, ultracapacitors and renewable-energy generation sources, including wind and solar. Integrated with the Smart Grid, the Ultralife system will intelligently manage energy for consumption or storage.

Ultralife’s system will initially integrate two distinct power storage technologies, including a battery and ultracapacitor, on a distributed “off-grid” level, and then expand the system’s capability for on-grid integration. The system will allow both grid operators and renewable energy generators to optimize energy management through an advanced computerized monitoring and control system, which will enable these customers to control the storage and flow of power generated. The energy, environmental and economic benefits to New York State include a New York manufactured product, which will facilitate the creation of additional distributed renewable energy capability.

Ultralife received the award from NYSERDA to support the work of the New York Battery and Energy Storage Consortium (NY-BEST), an industry-focused coalition working to facilitate and enhance development and accelerate commercialization of energy storage technologies in New York State.

A significant amount of renewable power, particularly wind power, which is already being generated in New York, is wasted due to lack of storage options, and the inability to distribute this power during peak demands. In addition, the inability to store and control wind and solar generated power by utilities has discouraged development of utility-scale renewable facilities in grid congested areas of New York State.

“We are extremely pleased to receive this award, and would like to express our appreciation to NYSERDA and NY-BEST for their support and recognition of the potential value of the innovative energy storage system that we are developing,” said John D. Kavazanjian, Ultralife’s president and chief executive officer. “We are looking forward to finalizing the project details with NYSERDA in the near future such that we can soon initiate activities under this important industry-led partnership. This project will further advance our strategy of introducing lithium ion energy storage systems and services, integrating energy monitoring, management technologies and services, linking lithium ion batteries to more renewable energy solutions for grid efficiency and deploying solar power solutions for remote, portable and stationary power applications.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs