Investment and Activity Landscape
This month there has been a noticeable slowing of activity due to the Coronavirus lockdown. Some people are more available than before, and others less so. Project work is stalled, for which reason our operational activity is on hold. Regarding financing, in this current environment there is a similar divergent view on investment with some investors holding onto their money and starting nothing new while the more forward-thinking investors are working actively on lining up their new investments for the money to flow when things settle down. The directors are working on such initiatives.
Hello Tomorrow Certification
Following exceedingly exhaustive analysis of our technology and commercial / environmental potential, Storelectric’s Green CAES ™ has earned certification as one of Hello Tomorrow‘s labelled 1,000 Efficient Solutions. This certifies the technology as being real, implemental, cost-effective and of large benefit to the world’s environment. It also gives access to the organisation’s network of investors and potential partner companies.
It is our intention to have CCGT CAES certified too, but the work required to do this is huge as their review is so extensive and deep.
I Mech E and University of Nottingham University: Our Scale of Storage is Necessary
Professor Seamus Garvey held an industry / academic meeting at the Institute of Mechanical Engineers earlier this year, concluding that the cost of the energy transition will rocket without large-scale long-duration storage (which he calls “medium-duration”). This is a very reassuring confirmation of what we’ve been saying for seven years.
Tallat Steps Back Temporarily
The current lockdown has, as described above, paused most project development work, for which reason (as noted in our last newsletter) we are furloughed in our operation (as opposed to directors’) roles. While remaining engaged with the strategy, development and financing of the business, Tallat Azad (our CEO) is taking the opportunity to focus significantly more on urgent personal issue. He intends to take up the reins again when appropriate and depending on how these issues develop.
Thought Leadership Blog
The Lockdown: A Partial Test of the 2030s Grid
The lockdown is providing a trial run of the “summer minimum” challenges of operating the grid as it will be in the 2030s and 2040s. This reinforces the need for Storelectric’s CAES to provide not only absorption of renewable energy when it exceeds demand, but also the real inertia and other related grid stability services that are currently being provided by gas-fired power stations. Please see the attached analysis.