Safe and effective use of lithium battery packs can only be achieved with a Battery Management System, which is a sophisticated electronic steering system. The purpose of BMS is to ensure proper charge and discharge of the lithium battery pack, control temperature of each Lithium cell, and to balance and protect each cell in the system. The company’s BMS products are unique in the market among other things because of its very effective and proprietary cell balancing functionality, which increases the capacity of the lithium battery in use.
LiTHIUM BALANCE is exploring the opportunity to reuse batteries from electric vehicles as stationary energy storage in renewable energy systems such as photovoltaic systems where space is less of a constraint. In electric vehicles the battery is considered depleted when the capacity is reduced to 80%, because achievable range per charge then becomes too short. But the battery can easily continue to be used in other applications until capacity is, for example, 50%. This could extend life from 5 to 10 years or more. The company’s current IP as well as customer relations, provides a competitive edge in developing such systems.
Circular economy is new to LiTHIUM BALANCE, but the company has decided to explore this opportunity to build a new and parallel business area that complements its current business model very well. The company is experiencing an increasing global interest for using its BMS to build battery storage for PV systems. Such battery systems based on new batteries are still too expensive to be economically feasible, however if EV batteries can be reused for PV batteries, then the system cost can be significantly reduced. The key is therefore to set up a supply chain where the remanufacturing cost can be kept very low, and therefore LiTHIUM BALANCE seeks knowledge from the circular economy community.
The business model is also quite different from its current focus as a component supplier, and the company therefore seeks cooperation with larger players in the field of distribution and operation of energy systems to consumers.