September 29, 2022

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American entrepreneur, billionaire and philanthropist, John Paul DeJoria, invests in TEXEL to support the green energy transition

The American entrepreneur and self-made billionaire behind John Paul Mitchell Systems and Patron Tequila, the philanthropist John Paul DeJoria, partners with the Swedish American battery technology development company TEXEL Energy Storage, to support and to speed up the global green energy transition towards a circular and CO2 free future.

To move the world away from fossil fuels, cost effective new battery technology solutions are critical. More mature renewable energy markets, like California, have reached the point where large-scale energy storage systems are vital for further boosting sun and wind powered energy production, moving daytime solar energy production to dark hours demand.

TEXEL energy storage battery technology was named “the success story beyond lithium-Ion batteries” by Innovation X-Lab at the energy storage summit at SLAC in Silicon Valley. A report produced by Savannah River National Laboratory (SRNL) of US Department of Energy stated that the TEXEL technology will in scale become more than 90% more cost-effective than Lithium-Ion in long duration energy storage solutions. Arizona State University has also produced a market assessment report based on the SRNL report that confirms that the TEXEL technology has the highest potential in markets like California. 

TEXEL has an exclusive license agreement with one of US Department of Energy’s national laboratories, Savanah River National Laboratory, on one of the key parts of its battery technology solution. The company is preparing for several technical demos, followed by commercial demonstrations, to cater for three targeted market segments, ranging from long duration grid energy storage to creating energy storage for independent households and micro grids.

I am very happy to partner up and invest in TEXEL’s next generation battery technology… This development not only makes our planet better and safer for all earth’s people… but a technology ready to be developed NOW! More cost effective, more eco-friendly, Hybrid where no additional backup power is needed… A great way to contribute to Earths survival, and a future must for all homes, businesses, cities, states, and countries” – says John Paul DeJoria

Less than two weeks ago, TEXEL and AltaSea, in LA port, announced their cooperation to bring together commercial stakeholders to demonstrate TEXEL’s long-duration energy grid storage solution, as well as for commercial and residential buildings and micro grids. 

I am proud to announce the partnership with John Paul DeJoria. The US is the world’s largest energy market and a priority for TEXEL. To enter our targeted energy market segments there, and with a future IPO in mind, partnering with entrepreneurial and like-minded people of John Paul DeJoria’s stature will be an asset to TEXEL and our planet’s future” – says Lars Jacobsson, Founder and CEO of TEXEL Energy Storage.

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