AIM-listed EnergyPathways, the UK energy transition company, has signed a non-binding cooperation agreement with Siemens Energy Global GmbH & Co. for the development of long-duration energy storage (LDES) systems based on Compressed Air Energy Storage (CAES) technology, integrated with hydrogen-compatible power systems.
The Agreement outlines a global framework for collaboration on the development and possible delivery of a compressed Air Energy Storage (CAES) system to effectively utilise excess offshore wind or excess green power that could be deployed across a variety of locations worldwide. Siemens Energy is a leading global energy technology and engineering company in this field.
Under the Agreement, EnergyPathways and Siemens Energy will form a joint taskforce. Siemens Energy will provide its world-class engineering capabilities and technology portfolio, while EnergyPathways will contribute its proprietary LDES geo-storage expertise, intellectual property, and energy projects and markets expertise.
The partnership will focus on designing and developing an efficient, cost-competitive long-duration CAES system enabling multi-day operation and flexible, low-carbon, power generation. The aim is to design a modular and scalable system.
The partnership will initially target opportunities to support the UK's clean power and energy security goals, beginning with EnergyPathways' planned MESH project's LDES and flexible low carbon power system, in the East Irish Sea and Cumbria.
The Agreement is non-binding and sets out the basis for entering into formal long-term or partnership contracts that would be concluded in due course.
Ben Clube, CEO of EnergyPathways, said:
'This cooperation agreement with Siemens Energy demonstrates our commitment to partnering with world leaders in clean energy technology and engineering.
'The Agreement positions the Company as a leader in the development of LDES with multi-day power supply which can harness wasted renewable power at scale. Affordable multi-day LDES is the missing piece of the puzzle that can deliver affordable and reliable power supply within
renewables dominated grids.'
'In partnership with Siemens Energy, we aim to design and develop a modular multi-day LDES system that can be scaled and deployed around the world. This has the potential to make renewables dominated grid systems more affordable for consumers and taxpayers.
'Our MESH project is planned as the first to be delivered under this Agreement.'
Source: EnergyPathways
