Energy storage systems joint venture formed

The Dow Chemical Co. (NYSE: DOW) and Ube Industries Ltd. (Ube) formed a joint venture to manufacture and market formulated electrolytes for lithium-ion batteries used in energy storage systems.

The venture, named Advanced Electrolyte Technologies LLC, is expected to be finalized later in 2011 pending regulatory approval. It will allow Ube to strengthen its global supply network and improve cost competitiveness for the technology outside of Japan.

The joint venture’s first manufacturing facility is expected to be built at Dow’s Michigan Operations’ site in Midland for startup in 2012.

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