Geotechnical Checks on the Caverns in Teesside
We have completed initial geotechnical checks on the caverns in Teesside and further work needs to be done before we can confirm suitability.
Sembcorp remains very interested as a means of repurposing assets and helping operate the CAES plant once built.
A landowner in Canada has a cavern that could be suitable for CAES, discussions have just started and there is interest for this entrepreneur to work with us in the UK and Germany.
Utilising Storelectric Technology on other Projects
We have discussed utilising Storelectric technology in a 2nd PCI project in the Netherlands where we recently met the key players through NAM. A workshop is planned with Storelectric in the UK and they have expressed an interest in supporting our UK opportunities. The same company is also developing projects in Denmark which potentially increases the catchment area of our project pipeline however things are at an early stage but look promising.
Our CEO has finalised an NDA with a larger industrial from Korea, this company has expressed a strong interest to provide funding for the planning approval of our Cheshire project. While it is unclear how many of these developing opportunities will translate into real commitments what is clear is the steadily growing interest in Storelectric.
Funding Call for Large Scale Storage
BEIS recently released a funding call for Large Scale Storage and we are currently in discussions with Siemens,. Sembcorp, EDF and Arup looking at possible options, the bid submission date is quite short and funding is limited so the usefulness of this call is questionable nonetheless our CEO is working hard to see if we can structure a successful bid. A renewables fund has already provided a letter of intent for the full match funding if we decide to submit a bid.
Storelectric was one of just 80 companies that were nominated out of a global entry of 4,500 cutting edge companies from over 100 countries around the world, where we were shortlisted on the Energy sector. While our pitch was well accepted we were sadly pipped to the winning position.
The PCI results were announced and unfortunately on this our 1st application we were not successful. Nonetheless there is some good news to share, we passed the compliance phase without problems. We had a debriefing session with the evaluators (which greatly enhances our chances for the next call which was released this week). We were evaluated against 4 criteria and we only missed qualifying for the £10 million grant by just 2 marks – in other words we only just missed qualifying. Our colleague Mark is at the PCI open day in Brussels this week to ensure we keep on top of developments and key decision makers.