Honeywell International Inc HON has entered into a strategic collaboration with ESS Tech, Inc GWH to advance technology development and market adoption of iron flow battery (IFB) energy storage systems.
Honeywell has made an investment in ESS Tech as part of this collaboration. The financial terms were not disclosed.
The partnership has been built on each company's development of energy storage systems, and brings together ESS' patented IFB design with Honeywell's advanced materials and energy systems expertise.
"The demand for long-duration energy storage represents a compelling market opportunity within the energy transition and the combination of Honeywell and ESS technology can accelerate decarbonization for the commercial, industrial and utility sectors," said Bryan Glover, chief growth officer, Honeywell Performance Materials and Technology (PMT) group.
According to the LDES Council and McKinsey & Co, the current global energy storage market is estimated to be $50 billion per year and is forecast to grow significantly with a cumulative investment of up to $3 trillion by 2040.
Price Action: HON shares are trading lower by 0.28% at $189.25, while GWH is up 13.5% at $1.57 on the last check Monday.
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