opinion piece by Mark Howitt of Storelectric.
This piece summarises the shortfalls in the forecasting and planning of the UK energy system: demand forecasts are contradictory and too low, and up to 87% of supply for that too-low demand is from uncertain sources.
If you would like a fuller white paper on this, please contact Mark Howitt.
The Sunday Times 28th June 2015 identified Storelectric as 9th on their list of 10 companies to watch. Elsewhere in the same supplement, they correctly identified Compressed Air Energy Storage as being a green energy technology very close to commercialisation.
No, not for Storelectric in particular, but they both endorse energy storage as being a major part of the solution to global warming.
Sir David Attenborough states categorically to Barack Obama, with supportive response from the American president, "If we find ways of generating AND STORING power [his emphasis] from renewable resources, we will make the problem ... disappear". This was when Obama interviewed Attenborough 28th June 2015. (This is the Guardian's cut-down version, to save time viewing the full 35 minutes.)
The Guardian - 25th February 2015
Guardian sustainable business - Technology and Innovation
Storelectric has been picked up by The Guardian as one of "Six clean tech innovations you need to know about". Read about it here.
Initial Funding Raised
Storelectric raised £125k in initial funding from three angel investors, with the support of North West Business Angels through Access to Finance (A2F).
This will enable Storelectric to develop the technology further, engaging consultant engineers and securing its intellectual property, with a view to building a pilot plant in the next couple of years.
Shell Springboard Regional Winners
Against extremely strong competition, Storelectric won the northern regional finals of Shell Springboard on 4th March.
The judges carefully weighed all aspects of the business: technological, commercial and environmental. Their questioning was very well informed and gave all contestants the exhilarated feeling that their businesses had been given a really good, but friendly, work-out. The probing was good, but the publicity and the £40k prize were better!
In the video filmed by Shell, the directors explain the technology, Siemens say that the equipment is available now that can deliver our system, and Pricewaterhouse Coopers say that the market and global demand are there now.
We did it again!
In June 2016, Storelectric won the CV Excellence Award for Renewable Technology Innovation at the Technology Innovator Awards 2016. That makes three awards in two years!
Yet another award!
We have now added to our Thermal Energy Storage (TES) CAES offering: our CCGT CAES can be retro-fitted to suitably located gas-fired power stations very cost-effectively, extending plant life and revenues.
In November 2015, against very strong opposition from across Europe, Storelectric won European Utility Week's Initiate Award in Vienna. We had previously won our exhibition stand, because of the outstanding impact our innovative adiabatic CAES could have on Europe's utilities.
In 2013, we kept our heads down while we started building the concepts, patent portfolio and consortium. Now we are starting to put our heads above the parapet, and already generating significant interest.
Finalists for More Awards
Storelectric has been selected as finalists for numerous other awards, always against stiff competition. And even when we have not won, the judges and audiences have always shown strong and gratifying interest in what we are doing.
These competitions are:
- Renewable Energy Awards 2016, 2 categories: Innovation and Smart Energy System
- International Festival for Business - Clean and Cool 2014 - UK Energy Innovation Awards 2014
- Nextgen 2014
Energy Storage Journal - December 2013 issue
Overview of the background and pilot plant. There is also a discussion of the lack of market mechanisms. This, incidentally, is why our business case is based solely on price arbitrage (which is available and provable now) rather than on the future creation of markets - and we're profitable despite ignoring those other aspects. Click here.
DECC (Department of Energy and Climate Change) 9/12/2013
"This is just the sort of initiative we've been looking for. ... It's the only one we've seen that looks as though it'll work, and is ready to go now, efficient enough and truly grid-scale."
"You've got much further than most proposals that come to our attention: how did you get so far, under the radar?"
Pricewaterhouse Coopers 9/1/2014
"We've been well aware of the intermittency problem and looming crisis for energy companies across Europe, for a long time. This is the first viable solution we've seen that's on the same scale as the problem."
Siemens 6/5/2014 (in the video above)
"The components are available, the caverns are available, it does work and it will work."
National Grid 8/10/2014
Storelectric's proposal is "eminently crecible from an energy market perspective ... an exciting opportunity".
"This appears to compare well with existing technologies such as pumped storage and interconnections."
"We believe that Storelectric's approach to developing and commercialising CAES technology has the potential to be a game-changer in global energy markets, with a profound impact on the future of renewable, conventional and nuclear power, as well as the development of energy networks. We are extremely keen to support Storelectric as it develops and commercialises this technology."
EIC (Energy Innovation Centre) 5/12/2013
"It really deserves support, but none of the companies in the electricity industry will take responsibility: they all think it's someone else's problem."
A Seed Venture Capital Fund 15/1/2014
"I've never come across a business that has achieved so much in such a short space of time, covering all the aspects of the business that I feel should be covered, prior to funding."
A Larger Venture Capital Fund 28/1/2014
"I would say wow, but one is never sure how that comes out on email…… I can see that everyone else is at least as excited as I am about the prospect. I won’t let it lie….."
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