Honeywell, ESS Tech Partner For Commercial Deployment Of IFB Energy Storage Systems

(RTTNews) - IT conglomerate Honeywell International Inc. (HON) announced on Monday a collaboration with energy storage company ESS Tech, Inc. (GWH) to advance the development of iron flow battery or IFB energy storage systems.

Honeywell has also invested in ESS Tech.

The partnership builds upon each company's development of energy storage systems and brings ESS's market-leading, patented IFB design together with Honeywell's advanced materials and energy systems expertise.

As per LDES Council and McKinsey & Co., the current global energy storage market is estimated to be $50 billion per year and is projected to grow with a cumulative investment of up to $3 trillion by 2040.

Honeywell and ESS are working together to meet the growing global demand for long-duration energy storage or LDES.

"As the shift to renewable energy accelerates, challenges associated with the intermittency of wind and solar energy are becoming more apparent. Safe and sustainable IFB technology enables the transition to clean energy using Earth-abundant materials - iron, salt and water to provide energy storage without reliance upon limited minerals such as lithium, cobalt or vanadium," the company said in a statement.

In pre-market activity, shares of Honeywell are trading at $190.00 up 0.12% on Nasdaq and shares of ESS are trading at $1.49 up 7.19% on the New York Stock Exchange.