SEABROOK, N.H.--(BUSINESS WIRE)--SustainX, Inc., developer of a transformative, utility-scale energy storage technology, today announced that Richard Brody will join the executive team as Vice President of Business Development.
Dr. Brody, who holds a Ph.D. and a master's degree from the University of Michigan, has over 20 years of experience in technology-based international business development and government policy. He joins SustainX after leading the business development team at PowerGenix for two years. Prior to PowerGenix, he led international business development at UTC Power.
“This marks a key moment in the company’s development as we welcome such a talented executive to the SustainX team,” said Thomas Zarrella, CEO of SustainX. “We are beginning our international business development efforts and we believe that Richard’s extensive international experience will allow SustainX to secure a unique competitive advantage as we begin building a global company and forging strategic relationships with early customers.”
Dr. Brody developed a new business strategy at PowerGenix that repositioned the company into markets and battery products for hybrid-electric vehicles and stationary storage. He established relationships with vehicle manufacturers and suppliers in Europe, the U.S. and Asia and helped create a manufacturing joint venture in China for PowerGenix batteries.
SustainX, founded in 2007, recently received its 8th U.S. patent that provides additional technology variations for its isothermal compressed-air system. It is on track to demonstrate a megawatt-scale, grid-connected storage system in collaboration with AES Energy Storage, LLC under an award from the Energy Storage Program at the US Department of Energy. AES is a Fortune 500 global power company with ongoing generation and distribution businesses.
The company is targeting the rapidly growing renewable generation market with the only cost-competitive, utility-scale advanced energy storage solution. In addition, the SustainX technology can displace costly "peaker" plants that burn natural gas or other polluting fuels.
The "2011 Global Cleantech 100,” a list of leading businesses created by the Cleantech Group after reviewing more than 4,200 clean technology companies around the world, named SustainX among its members when it was released last fall.
SustainX was founded in 2007 by engineers from the Thayer School of Engineering at Dartmouth College. It has received funding from the National Science Foundation Small Business Innovation Research Program and the Energy Storage Program at the US Department of Energy, as well as equity investments from top-tier investors Polaris Venture Partners, Rockport Capital, Cadent Energy Partners, General Catalyst Partners, and GE Energy Financial Services.
SustainX’s transformative energy storage technology, which it terms ICAES™ (for Isothermal Compressed-Air Energy Storage), uses no fuel. The company’s competitive advantages stem from its patented proprietary thermodynamic and control innovations, a design centered on mature industrial components, and reliance on ambient-temperature, nontoxic working fluids. The company has received eight US patents to date on core aspects of its technology, solidifying its leading position in the field of compressed-air energy storage.