Yahoo Finance BASF (BASFY) and NGK Release Advanced Type of NAS Battery
BASF SE’s BASFY subsidiary BASF Stationary Energy Storage GmbH and NGK Insulators, Ltd., a Japan-based ceramics maker, have introduced an advanced container-type sodium-sulfur battery (NAS battery).
The new product, NAS MODEL L24, has a much lower degradation rate of less than 1% per year due to reduced corrosion in battery cells. Another technical advancement is an enhanced thermal management system in battery modules, which allows for longer continuous discharges. The new technology components have been integrated into the field-tested battery design.
These improvements allow projects to be implemented with much fewer NAS battery containers over the course of the project, resulting in decreased maintenance expenses. This new type of NAS battery is an impressive success by the BASF-NGK collaborative development team, which combined the companies' respective areas of competence. Customers will be able to lower their initial investment in a battery storage system while also saving on long-term project expenditures by about 20% over the project's lifetime.
The improved performance is the result of an intense and effective partnership between BASF and NGK, which began in 2019. Through BASF's global sales network, the company is providing solutions to more customers using this NAS MODEL L24, helping to promote global renewable energy adoption and reduce CO2 emissions.
The new concept adheres to the latest safety requirements for energy storage installations, such as UL1973 and UL9540A, emphasizing the high level of safety for NAS installations. NAS batteries are long-lasting, high-energy stationary storage batteries. They have a long lifespan and improved safety, and can provide a stable power source for six hours or more. Over the last 20 years, they have been installed at more than 250 locations throughout the world, producing about five gigawatt-hours in total.
NAS batteries are utilized for a variety of applications, including renewable energy stabilization and optimization, peak shaving and load balancing, and emergency power supply. NAS Batteries are an important contributor to a successful energy transition and carbon neutrality. BASF will start shipping NAS MODEL L24 in the second half of 2024.
Shares of BASFY have lost 1.5% over the past year compared with a 3.3% decline of its industry.
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Zacks Rank & Other Key Picks
BASFY currently carries a Zacks Rank #2 (Buy).
Other top-ranked stocks in the basic materials space include ATI Inc. ATI, Carpenter Technology Corporation CRS and Ecolab Inc. ECL.
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The Zacks Consensus Estimate for Ecolab's current-year earnings is pegged at $6.59 per share, indicating a year-over-year rise of 26.5%. The Zacks Consensus Estimate for ECL’s current-year earnings has been going up in the past 30 days. ECL, a Zacks Rank #2 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.3%. The company’s shares have rallied roughly 34.4% in the past year.
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