Decarbonisation of the electricity system is stymied by the inability to balance generation and demand. Even with wind and solar generation now having a lower cost of energy than fossil generation, the inability to control the timing and certainty of delivery of this energy (cost effectively) is a barrier to any significant penetration of these generation technologies.
EnergyBank is pioneering a long-duration energy storage technology. The system will suspend weights below a large buoy floating on the ocean’s surface. It will store energy by raising the weights, and release energy by lowering them. EnergyBank will deliver storage-as-a-service for electricity companies allowing renewable energy to compete with, and displace, fossil fuel generation.