Press release – World’s first ever Dutch Auction for batteries
Updated: Aug 24, 2020
Contact person: James Allston
Phone: 0468 511 644
Auction Link: www.newenergy.ventures/batteryauction
In what could be a world-first, a Dutch Auction for industrial scale lithium-ion batteries will be held, commencing in July. Run by management consultancy New Energy Ventures, the auction is for two 250kVA/270kWh PowerTec batteries.
“Our client came to us with two brand new batteries that they no longer required.” Said James Allston, Managing Director of New Energy Ventures. “With no real secondary market in Australia for new energy technology we needed a novel way of selling the batteries. We hit upon the Dutch Auction.”
A Dutch Auction - or descending-price auction - has its roots in 17th century Holland where it was used to sell estates, paintings and, of course, tulips. In a Dutch Auction, the price drops periodically until you have a buyer. In the case of these batteries, the price starts at $335,000 and descends at $5,000 per workday.
Interest in similar sized projects have exploded of late. Early projects like University of Queensland’s 1.1MW Tesla battery have shown what is possible. The Powertec batteries, being sold by New Energy Ventures’ client, have also been used by ChargeFox to buffer their ultrafast chargers, support the local grid and trade in the FCAS market.
“Early interest in the battery auction has been amazing.” Said Allston. “It will be an interesting test of the market in these COVID times.”
Designed by Melbourne engineering company Powertec, the batteries share the same LG Chem cells used in the Porche Taysan and will support a wide range of applications, including grid-support including frequency stabilisation, back-up power, or peak load shaving for business customers.
More details on the auction can be found here: www.newenergy.ventures/batteryauction
Founded in 2016, New Energy Ventures is a specialist managing consultancy supporting businesses to establish new businesses and build projects that fully unlock the value of new energy technology.
PowerTec is an independent, Australian, family-owned engineering company.