ViZn's redox flow batter technology. Image: ViZn Energy.
US battery manufacturer, ViZn Energy, has teamed with financial services company, LFC Capital, on a programme to lease integrated solar and storage systems to property owners.
Under the deal, LFC will provide finance to enable companies to lease and then own systems combining solar with ViZn’s storage units.
ViZn is a specialist in redox flow batteries, whose claimed benefits over other battery technologies include faster charge and discharge responses.
Through its partnership with LFC, businesses will be able to access finance of up to US$5 million per project to deploy one of ViZn’s ‘Z20’ zinc/iron redox flow batteries in conjunction with a solar system.
The equipment will be available on a traditional leasehold model, with options to buy the system outright after six or seven years and tax efficiency to provide companies with a low-cost path to ownership.
ViZn said the “ideal” project size to take advantage of the package was a PV installation between 50kW and 1MW requiring 80kWh to 500kWh of energy storage.
David Mintzer, ViZn’s vice president of Business Development, said: “We’re excited to partner with LFC Capital. LFC’s programme will make the combination of our energy storage system with solar PV affordable to a wider group of commercial and industrial property owners installing microgrids and give ViZn a greater presence in this important market.”
“We’re very happy to be partnering with ViZn to provide their customers with a low-cost way to acquire a battery-enhanced solar PV system,” said Stanley S. Fishbein, managing director of LFC Capital. “Our programme is fast becoming the most popular way for companies to derive more value from a variety of incentives when undertaking a solar PV project.”