Categories: Press Releases Date: Jun 12, 2012 Title: UK Government-backed body invests in Isentropic's revolutionary, low cost energy storage system
The ETI is investing £14m ($22m) in Isentropic's project to build a Pumped Heat Electricity Storage (PHES) system.
Segensworth, Hampshire, England, 12 June 2012: Isentropic Ltd, a private UK company announces that the Energy Technologies Institute (ETI) has provided project funding and an equity investment, together totalling £14m ($22m). The funding is to build a full scale demonstrator of its revolutionary, low cost energy storage device - called Pumped Heat Electricity Storage (PHES). Isentropic will use the funds to develop and deploy a 1.5MW/6MWh electricity storage unit on a UK primary substation owned by Western Power Distribution in the Midlands region.
The ETI, a partnership between the UK Government and six leading international energy and energy technology companies, has previously commissioned 36 renewable and low carbon projects worth £138m. However, this is the first time it has made an equity investment in any of the companies it has funded.
Isentropic’s PHES technology has the potential to dominate the large-scale electrical storage market because it offers the prospect of being the lowest cost solution to the intermittency problems of renewable energy sources, such as wind. The technology is environmentally friendly, has no geographical constraints, is compact and can demonstrate a round trip efficiency of 75%.
James Macnaghten, Isentropic’s CEO, says: “The equity investment and project funding by the ETI and its corporate partners represents a huge vote of confidence in our unique Pumped Heat Electricity Storage (PHES) technology. We believe this project will allow us to demonstrate our leading position in the fast growing energy storage market.
“According to Lux Research’s report, “Grid Storage under the Microscope: Using Local Knowledge to Forecast Global Demand”, the global demand for grid storage will reach $113.5 billion by 2017, from a $2.8 billion market in 2012. I believe this timely investment could allow us to fulfil our mission to become the global leader in this fast growing industry.”
Dr David Clarke, ETI Chief Executive, says: “Isentropic are innovators in the field of electricity storage. Our investment strategy here is two-fold. Firstly we are providing financial support to allow the company to develop this technology further and staff up accordingly. Secondly we are using our position to expand the testing of this new UK technology to seek to identify the large-scale deployment potential to help provide affordable clean and secure energy solutions for the future.”
Philip Bale, Western Power Distribution Project Engineer for the Midlands area, says: “Western Power Distribution is pleased to be working with Isentropic to develop this innovative form of energy storage. We are looking forward to demonstrating the storage device at one of our primary substations. We believe that distribution scale energy storage could be used to improve the future operation of the distribution network.”
Mark Wagner, Chairman, Isentropic Ltd, T: +44 (0)7967 032 599,
E: email@example.com W: www.isentropic.co.uk
Jane Allardice, Jane Allardice Communications Ltd, T: +44 (0)7778 521 853, E: firstname.lastname@example.org
About Isentropic Ltd:
UK-based Isentropic Ltd is a private company founded in 2007 by James Macnaghten, Jonathan Howes and Mark Wagner to develop its unique PHES technology to provide the lowest cost, utility scale electricity storage. See www.isentropic.co.uk
“Grid Storage under the Microscope: Using Local Knowledge to Forecast Global Demand” is part of the Lux Research Smart Grid and Grid Storage Intelligence Service. https://portal.luxresearchinc.com/reporting/research/report_excerpt/10114
About the Energy Technologies Institute (ETI):
The Energy Technologies Institute (ETI) is a public-private partnership between global industries – BP, Caterpillar, EDF, E.ON, Rolls-Royce and Shell – and the UK Government.
Public sector representation is through the administration of the Department for Business, Innovation and Skills, with funding channelled through the Technology Strategy Board and the Engineering and Physical Sciences Research Council. The Department of Energy and Climate Change are observers on the Board.
The ETI is focused on accelerating the deployment of affordable, secure low-carbon energy systems for 2020 to 2050 by demonstrating technologies, developing knowledge, skills and supply-chains and informing the development of regulation, standards and policy. See www.eti.co.uk
About Western Power Distribution:
Western Power Distribution (WPD) is the distribution network operator for the Midlands, South West England and South Wales, and is responsible for delivering electricity to approximately 7.7 million customers in the UK.
WPD is not an electricity supply company and does not bill customers in the UK. Its responsibility is to distribute electricity from the point of generation to homes and businesses.