The long-term performance warranty covers continuous operation, insurance against malfunction, repair or replacement excess costs and workmanship defects as well as in the event Austrian company Enerox, which trades under the CellCube brand, goes into insolvency. Contact online >>
The long-term performance warranty covers continuous operation, insurance against malfunction, repair or replacement excess costs and workmanship defects as well as in the event Austrian company Enerox, which trades under the CellCube brand, goes into insolvency.
CellCube said the deal with Munich Re now makes its VRFBs bankable. This has brought a 1MW / 4MWh off-grid solar-plus-storage project at Vametco vanadium mine in South Africa for Bushveld Minerals "over the line" in getting financed, Mikhail Nikomarov, CEO of Bushveld''s energy subsidiary Bushveld Energy said.
"It creates significant comfort around the long-term performance of the VRFB technology in general, and of CellCube''s product in particular. As a result, it has reduced both the risk and the cost of financing this project," Nikomarov said.
"When it comes to deploying green and long-duration energy storage, securities and guarantees for high upfront investments and planned profits become increasingly important for our clients, specifically when business cases include merchant risks," CellCube CEO Alexander Schoenfeldt said.
Munich Re has also backed insurance guarantees for another flow battery manufacturer, US-headquartered ESS Inc, which makes batteries using a patented "all-iron electrolyte".
Malta''s technology solution, which the Massachusetts-headquartered company has called "pumped heat storage," converts electricity into heat which is stored in molten salt. Simultaneously, it produces cold energy stored in liquid form.
The hot and cold energy are converted back into electricity energy using a heat engine. The company has claimed it could be suitable for applications requiring between 10 and 150+ hours of energy storage and discharge. It recently announced it was in talks over a potential 1,000MWh project in Canada.
In the near-term, Malta and engineering and construction services company Bechtel will work on the development of a portfolio of long-duration storage projects, finding opportunities to convert variable solar and wind resources into dispatchable baseload power.
"There is no silver bullet for decarbonisation, and Bechtel is committed to leveraging our engineering and construction expertise to support the rapid advancement of technology solutions that can meaningfully advance the transition to a net zero environment," Austin said, describing Malta''s technology as an "innovative and scalable storage solution".
The company was spun out of the University of Sydney in 2015 by its founder, Professor Thomas Maschmeyer. Gelion claims its redox battery is simpler in design than zinc-bromide flow batteries, and could be built using lead-acid battery manufacturing technology using low-cost, abundant raw materials.
The IPO raised £19 million (US$25.18 million) and Gelion''s market cap is around £155 million. The company is currently mostly targeting off-grid applications such as agriculture, mining, water management and irrigation but it expects to develop megawatt-hour capacity for larger-scale applications like solar and wind farms.
The money raised through the IPO will be used to commercialise its existing technologies and fund further R&D into energy storage. Gelion is also developing additives for next generation lithium-ion batteries.
According to the Department of Energy (DOE), some 93% of the 173.7 GW of installed and operational storage capacity worldwide is short-duration storage that provides up to 10 hours of discharge at rated power.
Malta promises that its pumped heat system is attainable and scalable, with the possibility to scale up to 200 hours of storage. "The beauty of this system is that every one of the components has already been proven" and could be applied to any utility, said Erhan Karaca, Malta''s vice president of engineering, including in existing infrastructure.
Dharik Mallapragada, a research scientist at the Massachusetts Institute of Technology Energy Initiative, said the pumped thermal has certain advantages in the long-duration storage market, especially in its relatively lower materials cost and ability to be scaled to meet the needs of the utility. However, compared to other thermal storage systems, Mallapragada said heat pumps tend to be more expensive, which has limited their role in the marketplace.
"When you look at the economies of scale and the efficiency advantages, there''s a lot that makes this appealing," Mallapragada said. "There''s some technology that needs to be tested out and demonstrated to prove that it works, but as a long-duration storage system, it merits attention."
Karaca said the Siemens partnership will help bring Malta''s technology closer to deployment by relying on the manufacturer''s experience in developing parts. The heat pump and engine components being developed are similar to off-the-shelf Siemens products, Karaca said, and the partnership will help get those products produced at scale.
Siemens has also partnered with EnergyNest on a thermal battery product for industrial customers and is researching deployment of hydrogen as a storage and fuel source in a DOE-backed study with Duke Energy and Clemson University.
Malta, meanwhile, has said it expects to commission its first commercial-scale plant in 2024 or 2025. The company in May announced a partnership with Duke Energy to study the efficacy of installing a thermal pump storage system in a converted coal plant.
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