LAVO officially launched its business in Australia this week, with the aim of powering a cleaner, more sustainable future through its cutting-edge hydrogen storage technology, the LAVO System.
LAVO has the first and only commercial-ready hydrogen energy storage system in the world designed for everyday use by residential homes and businesses.
Developed by leading researchers at the University of NSW, LAVO’s technology has a storage capacity three times greater and a lifetime more than two times longer compared to market alternatives, offering a unique value proposition and strong competitive advantage.
LAVO is well-positioned to capitalise on global green energy demands and the shift toward renewable energy. With global investment in hydrogen forecast to increase from $US150 billion to more than $US2.5 trillion per annum by 2050, LAVO is set to capture the significant global growth in demand for hydrogen technology.
In Australia, LAVO benefits from an increasingly favourable regulatory environment at both a state and federal level, including the National Hydrogen Strategy.
Coupled with a renewed push to support Australian manufacturing, hydrogen policies and initiatives mean LAVO is well-placed to take advantage of the current environment to bring this technology to market.
LAVO will initially target four Australian key markets: residential, commercial, off-grid/back up diesel, and telecommunication towers. Across these segments LAVO estimates the addressable market for its technology as $2 billion in Australia, expanding on a global scale to $40 billion.
Australia is a world leader in rooftop solar penetration with over 15 per cent or 2.4 million houses with installations, creating significant opportunity for LAVO to make a notable and immediate impact. In addition to metropolitan homes and businesses, its hydrogen storage technology will provide regional and rural properties with much needed secure and reliable energy source for microgrid, edge of grid and off-grid solutions.
LAVO’s patented metal hydride absorbs hydrogen in a metal alloy to enable safe, long-term storage within a secure vessel.
Designed to be portable and versatile, LAVO’s technology can be used for a diverse range of everyday applications. Beyond its first product to market, the LAVO System, LAVO is developing a range of lifestyle technology products, including a hydrogen-powered barbecue and bicycle.
The company’s CEO and executive director, Alan Yu, said LAVO’s technology is a game changer.
He said hydrogen storage technology has a very bright future with a wide variety of everyday applications.
“With today’s launch, we have reached an exciting milestone for our company and for our technology, but our work is far from done,” he said.
“As we advance the LAVO System through the final approval stages ahead of commercialisation, we continue to research and explore other ways that we can enable consumers to live greener through a broad range of LAVO products in the future.”