Luna Innovations Wins Contract for Industrial Battery Storage Monitoring
12 April 2023 - 10:30PM
Business Wire
Electric Vehicle Market Drives Need for
Temperature Monitoring for EV Battery Production and Storage
Luna Innovations (NASDAQ: LUNA), a global leader in advanced
optical technology, was recently awarded a contract for industrial
battery storage monitoring for a leading European manufacturer of
electric vehicle batteries. Through a local integration partner,
Luna will provide critical, real-time temperature monitoring during
the production and storage of lithium batteries at the end-user’s
manufacturing facilities in France.
As commuters around the world continue to adopt more sustainable
modes of transportation, the need for lithium-ion batteries for
electric vehicles is rapidly increasing.
“The electric vehicle market is experiencing very rapid growth,”
said Luna Innovations CEO, Scott Graeff, “As this market grows, so,
too, does the need for safe production of batteries to power these
vehicles. We are committed to advancing sustainable energy and
transportation, and we are excited to work with like-minded
integrators and customers who share our vision,” Graeff added.
The electro-chemical composition of lithium-ion batteries leads
to increased risk in their production. Internal instability of the
lithium cells during the production process can cause abnormal heat
accumulation inside the battery. As the temperature rises, liquid
inside the battery heats and expands and can result in battery
bulging and leakage. Combustion and explosion also can occur if the
battery’s internal lithium elements encounter air, resulting in
catastrophic damage to the storage facility and the local
environment.
Luna Innovations will provide its fiber optic-based LIOSTM
Distributed Temperature Sensing (DTS) technology to monitor battery
temperature during its customer’s production and storage process. A
single fiber will be installed above the battery in each slot of
the battery rack in the storage facility and is capable of
monitoring thousands of storage slots simultaneously. The LIOSTM
DTS system can quickly identify and locate abnormal changes in
temperature, delivering an early warning before battery elements
reach dangerous temperatures.
The contract award could lead to additional opportunities with
the end user for two upcoming projects in Italy.
About Luna
Luna Innovations Incorporated (www.lunainc.com) is a leader in
optical technology, providing unique capabilities in
high-performance, fiber optic-based, test products for the
telecommunications industry and distributed fiber optic-based
sensing for a multitude of industries. Luna’s business model is
designed to accelerate the process of bringing new and innovative
technologies to market.
Forward-Looking Statement
The statements in this release that are not historical facts
constitute “forward-looking statements” made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties. These statements include
Luna’s expectations regarding technological capabilities,
materiality of monitoring systems for manufacturing purposes,
market growth and operational efficacy related to its technology
and/or products. Management cautions the reader that these
forward-looking statements are only predictions and are subject to
a number of both known and unknown risks and uncertainties, and
actual results, performance, and/or achievements of Luna may differ
materially from the future results, performance, and/or
achievements expressed or implied by these forward-looking
statements as a result of a number of factors. These factors
include, without limitation, changes in market needs and
technological challenges and other risks and uncertainties set
forth in Luna’s periodic reports and other filings with the
Securities and Exchange Commission (“SEC”). Such filings are
available on the SEC’s website at www.sec.gov and on Luna’s website
at www.lunainc.com. The statements made in this release are based
on information available to Luna as of the date of this release and
Luna undertakes no obligation to update any of the forward-looking
statements after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230412005314/en/
Investor Contact: Allison
Woody Phone: 540-769-8465 Email: woodya@lunainc.com
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