Gresham House Energy Storage Sets GBP80 Million Fundraise
Gresham House Energy Storage Fund must be doing something right, as similar headlines are used in half-a-dozen places on the Internet and they regularly seem to be raising more money.
But then, as a Graduate Control Engineer and a previous owner of half a finance company, I’ve always thought raising money to build batteries was a good idea.
My only niggle with Gresham House, is that I would have thought by now, they would have put some money into building one of the excellent new technology batteries that are coming through.
The storage fund or some of its employees, may of course have contributed to some of the crowdfunding for these new technologies, all of which I feel have a good chance of being a success.
Note.
- Energy Dome is Italian and all the others are at least fifty percent British.
- Most of the British batteries have had backing from the UK government.
- All these batteries are environmentally-friendly.
- None of these batteries use large quantities of rare and expensive materials.
- Energy Dome even uses carbon dioxide as the energy storage medium.
In addition, in Scotland, there is traditional pumped storage hydro-electricity.
Project Iliad
This article on renews.biz has a slightly different headline of Gresham House To Raise £80m For US Battery Buildout.
This is the first two paragraphs.
Gresham House Energy Storage Fund is seeking to raise £80m through a share placing.
The new equity raised will primarily be used to finance 160MW of solar with co-located four-hour battery projects in California, US, known as Project Iliad.
The article then gives a lot of financial details of Project Iliad and Gresham House.
Will Gresham House be backing co-located solar/battery projects in the UK?
- In Cleve Hill Solar Park, I write about a co-located solar/battery project in Kent.
- This press release from National Grid is entitled UK’s First Transmission-Connected Solar Farm Goes Live, which also describes a co-located solar/battery project, being built near Bristol.
These two projects are certainly serious and could be pathfinders for a whole host of co-located solar/battery projects.
WillGresham House back some of this new generation?
Boralex Commissions BESS At Wind Farm In France In EU-Supported Demonstration Project
The title of this post, is the same as that of this article on Energy Storage News.
These two paragraphs outline the project.
Canada-based renewable energy firm Boralex has turned on a 3.3MWh battery storage unit attached to a wind farm in France.
The battery storage project has been installed at the site of the Plouguin wind farm, an 8MW generating facility in the Finistere department of Brittany, northwest France.
Note.
- The project was co-financed by the European Union through its European Regional Development Fund (ERDF).
- The project was launched to demonstrate the technical feasibility of a hybrid wind-plus-storage project.
- Boralex added in its announcement that the project will contribute to the stability of the French electricity grid.
There will be a lot of projects like this in the future.
This paragraph makes an interesting point about using batteries with solar and wind power.
Wind farms are less frequently hybridised with energy storage than solar PV because of the larger minimum project size and less predictable variability, with sharper peaks meaning heavier battery cycling and potentially faster degradation.
My control engineering knowledge and experience says that larger power sources and those that are highly variable will need batteries with more capacity for the same stability and quality of power output.
This sounds to me like a very good reason for developing larger and more affordable batteries, like those of Cheesecake Energy, Energy Dome, Gravitricity and Highview Power.
It also probably means that to stabilise several gigawatts of wind power, you need a very large amount of storage, that can only be provided by pumped storage hydroelectricity.
Conclusion
A very large amount energy storage is going to be needed.
Projects like these are essential to make sure we use them to their full possibilities.
Italy’s Energy Dome Raises $44 million To Focus On CO2 Storage In US
The title of this post, is the same as that as this article on Reuters.
This is the opening paragraph.
Energy Dome, an Italian startup focusing on CO2 energy storage solutions, said on Friday it had raised 40 million euros ($44 million) from investors to fund expansion in the U.S.
It looks like another European company chasing Biden’s dollars.
Diversifying A US$200 billion Market: The Alternatives To Li-ion Batteries For Grid-Scale Energy Storage
The title of this post, is the same as that of this article on Energy Storage News.
This is the introductory paragraph.
The global need for grid-scale energy storage will rise rapidly in the coming years as the transition away from fossil fuels accelerates. Energy storage can help meet the need for reliability and resilience on the grid, but lithium-ion is not the only option, writes Oliver Warren of climate and ESG-focused investment bank and advisory group DAI Magister.
Oliver starts by saying we need to ramp up capacity.
According to the International Energy Agency (IEA), to decarbonise electricity globally the world’s energy storage capacity must increase by a factor of 40x+ by 2030, reaching a total of 700 GW, or around 25% of global electricity usage (23,000TWh per annum). For comparison, this would be like swelling the size of the UK’s land to that of the USA.
Similar to how “nobody ever gets fired for buying IBM”, lithium-ion holds a similar place in grid scale electrical storage today.
And just as IBM did in the last decades of the last century, the builders of lithium-ion will fight back.
He then lists the problems of grid-scale lithium-ion batteries.
- Shortage of cobalt.
- Toxic and polluting extraction of some much needed metals and rare earths from unstable countries.
- Lack of capacity to load follow.
- Limited lifespan.
He does suggest vehicle-to-grid can provide 7TWh of storage by 2030, but it has similar problems to lithium-ion grid scale batteries.
Finally, he covers these what he considers several viable methods of energy storage in detail.
He introduces them with this paragraph.
No single killer application or technology exists to get the job done. Diversification is key with success dependent on the wide-scale adoption of multiple grid-scale energy storage solutions.
- Energy Dome – Italy – Stylish Use of CO2
- Augwind Energy – Israel – Stores Energy As Compressed Air Underground
- Cheesecake Energy – UK – Stores Energy As Heat And Compressed Air
- Highview Power – UK – Stores Energy As Liquefied Air
- Ocean Grazer – Netherlands – Ocean Battery
- RheEnergise – UK – High Density Hydro
- Lumenion – Germany/Japan – Stores Energy As Heat
- Energy Vault – Switzerland – Raising And Lowering Of Weights
Note.
- All systems are environmentally-friendly and use readily-available materials like air, water, sea-water, steel and concrete for their systems.
- The most exotic materials used are probably in the control computers.
- Some systems use readily-available proven turbo-machinery.
- Most systems appear to be scalable.
- All systems would appear to have a working life measured in decades.
- I would expect that most well-educated teenagers could understand how these systems worked.
Only Augwind Energy and Lumenion are new to me.
He finally sums up the economics and the market potential.
Our ability to expand energy storage capacity is one of the most pressing issues that will determine whether this defining ‘transitional’ decade is a success. But we’ll need to invest wisely into the right technologies that get the greatest bang for the buck (in terms of GWh capacity and return on capital) given the limited lifespan of Li-Ion and the decarbonisation of the grid.
At a current capital cost of US$2,000 per kW quoted by the US National Renewable Energy Laboratory (NREL) for 6-hour Li-ion battery storage, the 700GW of capacity needed by 2030 equates to around a US$1.5 trillion market over the coming decade, making it worth nearly US$200 billion a year.
The Energy Storage News article is a comprehensive must read for anyone, who is considering purchasing or investing in energy storage.
I have some further thoughts.
From My Experience Would I Add Any Other Systems?
I would add the following.
- Form Energy, because its iron-air battery is well-backed financially.
- Gravitricity, because it can use disused mine shafts to store energy and the world has lots of those.
- STORE Consortium, because its 3D-printed concrete hemispheres, that store energy using pressurised sea-water can be placed within a wind farm.
I also suspect that someone will come up with an energy storage system based on tidal range.
Finance
When we started Metier Management Systems, finance to breakout from the first initial sales was a problem. We solved the problem with good financial planning and an innovative bank manager who believed us all the way.
David, was a rogue, but he was a rogue on the side of the angels. Long after Metier, he even came to my fiftieth birthday party.
David would have found a way to fund any of these systems, as they tick all the boxes of demonstrated, environmentally-friendly, safe and understandable. They are also likely to be bought by companies, governments and organisations with a high net value, a very respectable reputation and/or large amounts of money.
I also think, that just as we did with the original Artemis project management system, some of these systems can be leased to the operators.
Second-Use Of Systems
Several of these systems could be moved on to a new location, if say they were supporting an industry that failed.
That would surely help the financing of systems.
Energy Dome To Partner With Ørsted For Energy Storage
The title of this post, is the same as that of this article on CleanTechnica.
This paragraph from the long article, gives details of the partnership.
I got a press release from Energy Dome this past week telling me that its technology has attracted interest from Ørsted, the Danish company that is a global leader in wind turbine technology. The two companies have signed a memorandum of understand that will allow them to explore the feasibility of deploying of a 20 MW/200 MWh Energy Dome facility at one or more Ørsted sites.
Is this the first deal between a major wind farm developer and a third-party non-lithium battery developer?
The article on CleanTechnica is very much a must-read and it goes into detail about the technology behind Energy Dome’s unique CO2 battery.
These are my thoughts.
Energy Dome Has A UK Office
Is this significant?
- The UK has a large need for energy storage than any other country in Europe, as we have lots of renewable energy generation, that could benefit.
- Most Italians speak good English.
- The UK government is prepared to develop innovative payment schemes for renewable energy.
- Their is a long history of Italians in the United Kingdom.
- Italians are distributed all over the UK.
- Some of the best Italian chefs are resident in the UK.
- The UK market is not biased against foreign customers.
I wouldn’t be surprised, if Energy Dome targeted the UK market.
Ørsted
Some facts about Ørsted.
- Ørsted are the largest energy company in Denmark.
- As of January 2022, the company is the world’s largest developer of offshore wind power by amount of built offshore wind farms.
- Ørsted own or have shares in fifteen offshore wind farms in the UK, which have a total capacity of 8731 MW.
- Ørsted have no interests in onshore wind in the UK.
- Ørsted divested itself of its last onshore wind farm in 2014.
The fact that Ørsted has partnered with Energy Dome is highly significant, as in my experience large powerful companies don’t partner with smaller start-ups without a lot of technical due diligence.
Use Of A 20 MW/200 MWh Energy Dome
I suspect that Ørsted will deploy their first 20 MW/200 MWh Energy Dome facility with onshore wind.
When you compare the 20 MW/200 MWh Energy Dome with the 1.5 GW/30 GWh Coire Glas pumped storage hydroelectric power station, it is only a fairly small storage system, in both terms of output and storage.
As an Electrical and Control Engineer, I suspect that will mainly be used with smaller offshore wind farms to smooth the output, rather than as serious stand-by power for a large GW-sized wind farm.
In the UK, Ørsted has three smaller wind farms, that could be suitable.
- Barrow – 90 MW
- Burbo Bank – 90 MW
- Gunfleet Sands 3 – 12W
Note.
- All are a few miles offshore.
- Gunfleet Sands 3 was built to test two l6 MW turbines.
- All the three wind farms are over twelve years old.
I think it is unlikely, that any of these three wind farms will be fitted with the Energy Dome.
I do believe though, that a 20 MW/200 MWh Energy Dome facility could work well with the Barrow wind farm, as it is a simple farm not connected to any others.
Enery Dome Closes $11M Convertible Round To Accelerate Commercial Deployment Of CO2 Battery
The title of this post, is the same as that of this press release from Energy Dome.
When I first saw Energy Dome on the Internet, I thought they had something.
Energy Dome Secures Funding, Partner For New CO2 Energy Storage Projects was my first post about the company and this is an extract, from that post.
Note.
- It appears that Energy Dome has weaponised carbon dioxide against climate change.
- Providing 2.5 MW for over an hour and a half is an impressive performance.
- I think this project has the style we associate with Italy and Italians.
I have found their website at energydome.com and behind their energy storage system is unusual technology.
Their web site says this about their choice of storage medium.
CO2 is the perfect fluid to store energy cost effectively in a closed thermodynamic process as it is one of the few gases that can be condensed and stored as a liquid under pressure at ambient temperature. This allows for high density energy storage without the need to go at extreme cryogenic temperatures.
That is breathtakingly simple!
The main tank for the gaseous carbon dioxide is an inflatable dome and the liquid carbon dioxide is stored in steel tanks.
A turbine -compressor moves the carbon dioxide between gaseous and liquid states storing it appropriately.
It is very impressive! And I suspect extremely affordable!
This was the sub-heading of Tuesday’s press release.
Provider of long-duration energy storage completes convertible funding round co-led by CDP Venture Capital Sgr and Barclays and joined by Novum Capital Partners, ahead of planned Series B round.
This is the second time they have raised eleven million dollars to fund a project.
This paragraph from the press release outlines how the money will be used.
Energy Dome’s rapid technological development motivates the speed and frequency of the funding rounds. The Series A enabled the company to complete its 2.5MW / 4MWh commercial demonstration plant in Sardinia, Italy, the final step of technology de-risking. Energy Dome has begun the commercialization of the CO2 Battery. This latest bridge funding will allow the company to accelerate its development in advance of the Series B round by placing purchase orders for the long lead time turbomachinery equipment associated with its First of a Kind utility scale (20MW, 200MWh, 10-hour duration) energy storage projects. A Memorandum of Understanding for this first utility scale project has been signed with A2A, a major European utility, and the company is making strong progress on its commercial pipeline.
This is a company to watch.
Energy Dome Launches World’s First CO2 Battery Long-Duration Energy Storage Plant
The title of this post, is the same as that of this article on Renewable Energy Magazine.
This is the first paragraph.
Energy Dome, a provider of utility-scale long-duration energy storage, has successfully launched its first CO2 Battery facility in Sardinia, Italy. This milestone marks the final de-risking of the CO2 Battery technology as Energy Dome enters the commercial scaling phase, becoming the first commercial long-duration energy storage technology on the market offering a reliable alternative to fossil fuels for dispatchable baseload power globally.
I like their technology and you can find more about it on their web site.
They say this about how they use the unique properties of carbon dioxide.
CO2 is the perfect fluid to store energy cost effectively in a closed thermodynamic process as it is one of the few gases that can be condensed and stored as a liquid under pressure at ambient temperature. This allows for high density energy storage without the need to go at extreme cryogenic temperatures.
And it’s not that carbon dioxide is a rare and expensive gas.
This is certainly technology to watch.
Italian Group Taps CO2 For Energy Storage
The title of this post, is the same as that, as this article on Power Magazine.
It takes the form of an interview with Claudio Spadacini, who is the founder and CEO of Energy Dome.
Energy Dome will use carbon dioxide to store energy.
Technically, it looks a viable concept to me.
Energy Dome Secures Funding, Partner For New CO2 Energy Storage Projects
The title of this post is the same as that of this article on Renewables Now.
This is the first paragraph.
Energy Dome SpA announced on Tuesday that it has closed a funding round securing USD 11 million (EUR 9.7m) to finalise the construction of a demonstration 2.5-MW/4-MWh carbon dioxide (CO2) battery storage project in Sardinia and to speed up business growth.
Note.
- It appears that Energy Dome has weaponised carbon dioxide against climate change.
- Providing 2.5 MW for over an hour and a half is an impressive performance.
- I think this project has the style we associate with Italy and Italians.
I have found their website at energydome.com and behind their energy storage system is unusual technology.
Their web site says this about their choice of storage medium.
CO2 is the perfect fluid to store energy cost effectively in a closed thermodynamic process as it is one of the few gases that can be condensed and stored as a liquid under pressure at ambient temperature. This allows for high density energy storage without the need to go at extreme cryogenic temperatures.
That is breathtakingly simple!
The main tank for the gaseous carbon dioxide is an inflatable dome and the liquid carbon dioxide is stored in steel tanks.
A turbine -compressor moves the carbon dioxide between gaseous and liquid states storing it appropriately.
It is very impressive! And I suspect extremely affordable!
The Anonymous Widower 