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Storelectric

Early Stage Startup





Tagline

Innovative Compressed Air Energy Storage (CAES)



Elevator Pitch

Storelectric is developing an innovative form of Compressed Air Energy Storage (CAES). Our innovations offer a step-change in efficiency, effectiveness and reduced energy costs. Our CAES can make renewable energy generation profitable without subsidy, and existing generating technologies both cleaner and more profitable. Grids and governments throughout Europe and America have expressed major needs for cost-effective and truly grid-scale (gigawatts and gigawatt-hours) electricity storage.

Renewable energy generates power regardless of when needed, so all capacity must be duplicated with traditional generation for peak times while renewables are not generating, reducing these power stations’ load factors (utilisation) as they are switched down/off when renewables generate strongly. This wind, solar, wave and tidal power intermittency causes high direct and indirect subsidies to renewables producers, plummeting profitability of generators, and dramatically lower emissions savings than planned. Electricity generators and grids also have to supply sufficient power for peaks and surges.

The only current grid-scale energy storage method other than CAES is pumped hydro-electric storage, over 3 times as expensive per megawatt and 100 times per megawatt-hour. Most suitable sites in Europe have been used; the rest suffer environmental objections to flooding 2 valleys each. Other technologies (e.g. flywheels, thermal storage, hydrogen generation and storage, fuel cells, batteries) are vastly expensive, not scalable to truly grid scale, and undeveloped.

Other CAES installations are only 42-54% efficient. For a 40MW plant, Storelectric’s processes, developed with Siemens and Oswald Consultancy, are 63% efficient (100% renewable) for peak smoothing, and 53% efficient (burning some gas) for mass storage, using standard equipment and designs: break-even is below 60% and 50% respectively. Scaling up to our full-scale 500MW plant increases efficiency to ~70%, with more improvements achievable. Each plant stores min. 12 hours’ electricity (sufficient for 4 peaks, 2 days between replenishments) and potentially over 42 hours (14 peaks, 7 days). Our 5-10MW, >400MWh pilot will be built over existing caverns in Cheshire.

Our consortium includes Siemens, Pricewaterhouse Coopers, consulting engineers, 2 more multi-£billion businesses and 4 universities, who offer engineering, equipment, project management, caverns, commercials and financials. We won Shell Springboard regional prize. We have exceeded our first fund-raise and all objectives so far.

Product

Innovative Compressed Air Electricity Storage (CAES):
- 100% renewable for peak smoothing
- Profitable without subsidy
- Capital costs £600/MW, £50/MWh for the first 12 hours and £4/MWh thereafter
- Up to 75% efficient
- Cold start to full production in 3 minutes
- Can deliver Frequency Response, Fast Reserve and STOR (Short Term Operating Reserve)
- Plentiful locations world-wide

Storelectric’s innovative CAES can:
- Make renewable electricity profitable without subsidy
- Make traditional electricity generation cleaner and more profitable
- Reduce retail electricity prices
- Dramatically improve security of supply
- Encourage conversion from fossil fuels to renewable electricity, e.g. heating, vehicles


Why we are ecofriendly

Storelectric’s innovative CAES is 100% renewable for peak smoothing (est. >90% of turnover) and low emissions for mass storage: the world’s largest battery, made of just air, water, salt, equipment and electricity.

By storing immense amounts of electricity (gigawatts and terawatt-hours), we can deliver intermittent renewable energy dispatchably. This adds value to renewables and creates a long term business case without subsidies.

When used as back-up, fossil fuelled plants are increasingly inefficient and polluting the less often they are used. By delivering both peak smoothing and mass storage, no fossil back-up is needed. They may continue to operate efficiently as baseload, and we can take their electricity rather than create inefficiencies when demand drops, all of which reduces their emissions.

As our capacity increases, baseload will start to convert to renewable energy, and the reliable and dispatchable availability of renewable electricity will encourage conversion from other forms of energy (e.g. gas for heating, liquid fuels for vehicles) to renewable electricity.

Latest News

Please see our blog, blog.storelectric.com/#home
and our website www.storelectric.com/

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Version History

2014-09-01 17:24:03 - changed website to 'www.storelectric.com'

2014-09-01 17:23:59 - changed contact to 'Mark Howitt, Director. Email: mhowitt@storelectric.com Mobile phone +44 7910 020 686'

2014-09-01 17:23:43 - changed investors to 'We exceeded our funding target and price for the first (angel investor) round. Currently raising funds for the FEED...'

2014-09-01 17:22:27 - changed investors to 'We exceeded our funding target and price for the first (angel investor) round. Currently raising funds for the FEED...'

2014-09-01 17:17:20 - changed awards to 'Shell Springboard regional winners Nominated finalists for: - UK Energy Innovation Awards - Clean and Cool'



Website







Investors

We exceeded our funding target and price for the first (angel investor) round.

Currently raising funds for the FEED Study and pilot plant.

Consortium members are considering cash investments as well as their current in-kind support.





Awards

Shell Springboard regional winners
Nominated finalists for:
- UK Energy Innovation Awards
- Clean and Cool


Country of Origin

UK

Founded

2013



Team

Mark Howitt - Director

Jeff Draper - Director

Contact Person

Mark Howitt, Director.
Email: mhowitt@storelectric.com
Mobile phone +44 7910 020 686