Sony and Hydro-Quebec Announce the Establishment of a Joint Venture to Start Development of a Large-Scale Energy Storage Systems
Sony Corporation and Hydro-Quebec today announced that they have agreed to establish a joint venture to research and develop a large-scale energy storage system for power grids. Sony and Hydro-Quebec plan to establish the new company in June, 2014. Forecasts indicate that demand for large-scale energy storage systems will increase in the future, to meet high level demand for electric power during peak times, stabilize fluctuations in electricity generated by renewable energy sources such as solar and wind power that are gaining traction, and secure a stable power supply in case of outages or disasters. Furthermore, the energy storage system for such power supplies must be highly safe and reliable due to the need for an efficient and stable source of high capacity power.