Periodic Reporting for period 1 - FlyInGS (Flywheel energy storage for Increased Grid Stability)
Reporting period: 2017-12-01 to 2018-05-31
Increasing the share of renewable energy and increasing energy efficiency is paramount to decreasing CO2 emissions. This is in line with the Renewable Energy Directive, that requires the EU fulfil 27% of its energy with renewables by 2030. To reach these goals, conventional power stations are being replaced by renewable technologies.
On the onset of the project, the objective was the investigation of the business cases for dynamic grid balancing in interconnected grids. While this application for the energy storage system holds great potential in CO2-savings, the market itself is highly regulated and competitive. The prices for Control Reserve are declining, while investment costs in battery infrastructure are decreasing faster than even aggressive forecasts expected. Already at the begin of the project it became clear, that the Control Reserve market is unattractive for companies based on venture capital funding. Following this observation, the focus of the project was put on less regulated markets in the electric public transport sector.
In addition to that, the project also helped Adaptive in its current financing round. It helped to identify several attractive applications and markets with globally growing sales potential. This increased the likelihood of finding new investors and – in the end – for global success of energy storage technology developed in Europe.