AIM-listed EnergyPathways, the UK energy transition company, announces that it has filed patent applications covering key technology innovations it has developed in-house.
The patent technologies are expected to enhance the value of its modular Compressed Air Energy Storage ('CAES') system which the Company is developing for its MESH Long Duration Energy Storage ('LDES') project. The project, designated by the Government as being of national significance, is set to be the UK's largest LDES project at 300MW / 55GWh / 100+ hours duration and is designed to lower the UK's energy costs and strengthen energy security by storing renewable energy at scale for when it is needed most.
The patent applications cover the Company's innovative technology for storing heat or thermal energy created through the compression phase of its CAES system. Thermal energy will be stored in sub-surface salt caverns and released at a later stage to improve round-trip efficiency of CAES energy storage to as much as 72%. The technology efficiently enhances the CAES system's capability to deliver system flexibility across seconds, hours and days.
The key advantages of its technology are:
- Lowers emissions costs: reduces CAES natural gas fuel usage and associated carbon emission and the cost thereof;
- Lowers cost of thermal storage: reduces the need for expensive high pressure thermal storage equipment in CAES;
- Multiple deployment opportunities: its compact surface footprint enables deployment in space-constrained locations such as offshore facilities, protected ecological areas, densely populated or community sensitive areas; and
- Pathway to near-term recurring revenues: the ability to showcase this innovative technology and enter into long term licensing agreements with a wide spectrum of clients worldwide, generating long-term annual recurring revenues through royalties and licensing fees.
Commenting on the patent applications Ben Clube, CEO of EnergyPathways, said:
'These patent filings further build on EnergyPathways strategy to integrate innovation and develop storage solutions that can lower energy costs and strengthen energy security. LDES is a major growth sector in energy transition, and these innovations further enhance MESH's integrated platform to provide system flexibility at scale and across any timescale.
'The potential to deploy our MESH energy storage modular system many times over elsewhere in the UK and globally is vast. The UK alone is looking to install at least 20 GW of LDES and ultra-LDES. We have already identified a number of further locations in the UK that are ideally suited for MESH technology.'
Source: EnergyPathways
