• What is the problem/issue being addressed?
The SLB-DES project, led by UK SME Powervault, addresses the identified market need for more affordable home electricity storage, combining a number of novel innovations across product design, remanufacturing and financing – to unlock a solution capable of achieving mass market traction. Powervault believes it’s novel ‘Second Life Battery for Domestic Electricity Storage’ will be affordable enough to unlock new customer segments (e.g. social landlords) and radically accelerate uptake of a low carbon technology central to decarbonisation of the energy system.
• Why is it important for society?
Following the 2009 EU Renewable Energy Directive, the uptake of renewable energy generation sources has surged. Primary production of renewable energy within the EU-28 in 2014 was 196mtoe, equivalent to 25.4% of total primary energy production, an increase of 73% since 2004 at an average growth of 5.6% p.a. The variable nature of renewable energy supply, and common misalignment with demand necessistates increasing efforts to balance supply and demand. Curtailment, whereby renewable generators, are paid to switch off during periods of high supply and low demand constitutes an economic loss, accruing unnecessary costs. To align renewables’ inherent intermittency with demand, without having to build significant amounts of excess generation for peak period use, and avoid the costs of curtailment, flexibility – such as energy storage- is required. Access to cost-effective solutions such as SLB-DES will help ensure decarbonisation of the energy system is as cost-effective as possible for all stakeholders.
• What are the overall objectives?
During this Phase I feasibility study Powervault sought to achieve the following objectives:
1) To enhance PV’s long term growth and profitability, PV must progress SLB-DES with the aim of continental commercialisation within 2 years by:
2) Deepening understanding of the EU market opportunity to better inform commercialisation strategy and technical development so as to maximise long-term market penetration potential.
3) Strengthening SLB-SaaS’s competitive position by attracting additional private investment, and allowing PV to further develop emerging IP associated with the product, the benefits of which can be realised across the whole Europe.
4) Develop new, cross-industry partnerships required to exploit the full economic and environmental benefits of SLB-DES, engaging stakeholders in asset finance, transport and the wider energy sector for collaborative success. 5)To evolve SLB-DES and transform an initial business plan into a robust strategy for mass market commercialisation.
