Cadenza Innovation and Shenzhen BAK Power Battery to cooperate on the manufacture of Li-ion cells and modules in China; mass production slated for 2019
TIANJIN, China, Sept. 17, 2018, the award-winning provider of safe, low cost, high-performance lithium-ion-based. Cadenza Innovation Founder and CEO Dr. Christina Lampe-Onnerud accepted the award on behalf of her team during a ceremony at the World Economic Forum's Annual Meeting of the New Champions, in Tianjin, China. This marks the second time since 2010 that the same founding team has earned the prestigious award, and it is believed to be the only group to achieve that distinction.
"We welcome Cadenza Innovation into this impressive community of Technology Pioneers," said Fulvia Montresor, Head of Technology Pioneers at the World Economic Forum. "Front and center in shaping the ongoing Fourth Industrial Revolution, we believe the company and its fellow Pioneers will be transforming society and industry in a positive way in the years to come."
The annual New Champions meeting is regarded as the foremost global summit on innovation, science and technology, promoting entrepreneurship in the global public interest. That this World Economic Forum event was held in China, this year, reflects the country's surging drive for technological development, with the transition to electric vehicles, "by 2040, 55% of all new car sales and 33% of the global fleet will be electric" and "China is and will continue to be the largest EV market in the world through 2040."
China's new fleets of EVs require batteries, and this is where Cadenza Innovation, led by Dr. Lampe-Onnerud, one of the world's foremost authorities on battery chemistry and design, is now playing a key role. Established in 2012 by a team of the world's pre-eminent Li-ion battery experts, Cadenza Innovation has developed a safe, low cost, high-performance battery technology platform for license to global manufacturers, including in China.
Initially targeting the EV and utility/grid storage markets, the company's patented supercellserves as the cornerstone of its novel architecture and provides unparalleled simplification in battery pack design. That, in turn, substantially reduces production and manufacturing costs, overcomes safety issues and improves energy density.
Cadenza inks agreement with China's BAK
Following a signing ceremony in Beijing, Cadenza Innovation and Shenzhen BAK Power Battery Co., Ltd., earlier this week, that they will cooperate on the manufacture of Li-ion cells and modules based on Cadenza Innovation's supercell architecture. Mass production will begin in 2019.
Founded in Shenzhen, China in 2001, BAK Battery has grown into a leading international energy company integrating research and development, production, sales and recycling of lithium-ion power batteries and consumer digital batteries. In China, it has two production bases - Shenzhen BAK Power and Zhengzhou BAK Battery.
Initially targeting the EV market, the agreement pairs BAK's many years of research and development in lithium battery technology, through the experience of smart production and mature product manufacturing, with Cadenza Innovation's advancement of new Li-ion battery packaging technology. Working globally through their respective, established project teams in the U.S. and China, the companies will promote the further market application of cells and modules based on the supercell design to offer customers worldwide safer, more cost-effective and better-performing products.
Building the technologies of tomorrow - Technology Pioneers
The World Economic Forum's Technology Pioneers community showcases early-stage companies from around the globe that are involved in the design, development and deployment of new technologies and innovations. Past recipients include Airbnb, Google, Kickstarter, Mozilla, Palantir Technologies, Spotify, TransferWise, Twitter and Wikimedia. This year's Pioneers focus on a wide range of technologies, including clean tech, artificial intelligence, decentralized microgrids, big data, internet of things.
As an International Organization for Public-Private Cooperation, the World Economic Forumis committed to improving the state of the world. The organization engages the foremost political, business and other leaders of society to shape global, regional and industry agendas.
"Transcending regional, cultural and corporate boundaries, the World Economic Forum provides a vital platform for bringing together thought leaders with a vision for what our world could be - and the practical skills and experience to deliver new technologies to address those opportunities," said Dr. Lampe-Onnerud. "We're excited that Cadenza Innovation has been selected as a Technology Pioneer and thrilled to be included among the other companies that earned the honor."
About Cadenza Innovation
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Founded in 2012 by lithium-ion battery experts with more than 125 patents, Cadenza Innovation is capitalizing on its intellectual property, field-proven operational and mass production expertise and partner network to establish itself as a leader in low cost, safe and energy dense storage solutions. Licensing its technology for immediate access, company executives have held key roles at lithium-ion battery cell, pack and system provider Boston-Power, investment firm Bridgewater Associates, consulting firm Arthur D. Little and other globally respected organizations. Cadenza Innovation is backed by more than $10 million in Series A investment led by Golden Seeds and has earned funding from the U.S. Department of Energy and the states of New York, Connecticut and Massachusetts. Headquartered in Wilton, Connecticut, the company has advanced technology development labs at 1 Duracell Drive in Bethel, CT. For more information, visit www.cadenzainnovation.com.
All product and company names herein may be trademarks of their respective owners.
Contact:
Bryan Grillo
CHEN PR for Cadenza Innovation
bgrillo@chenpr.com
781.672.3129
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/9e3c8379-84e5-497a-995f-a38bbb981252
