Lockheed Martin purchases assets of Sun Catalytix
28 August 2014
Lockheed Martin has completed the acquisition of substantially all of the assets of Sun Catalytix Corporation, an MIT spin-out which was initially focused on developing an “artificial leaf” for water-splitting (earlier post), but which changed course to develop a grid-scale flow battery for energy storage. The former Sun Catalytix’ current efforts focus on the design, synthesis and electrochemical testing of a novel energy storage chemistry derived from low cost, earth-abundant materials.
Lockheed Martin said that the acquisition complemented existing Lockheed Martin capabilities in the area of energy management and efficiency.
The purchase includes certain intellectual property, contracts, facilities and the transfer of the company’s approximately 25 employees to Lockheed Martin. The terms of the agreement were not disclosed.
Going forward, the operation will be known as Lockheed Martin Advanced Energy Storage, LLC and will be a wholly-owned subsidiary of Lockheed Martin reporting through the Corporation’s Missiles and Fire Control business area.
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