Periodic Reporting for period 1 - Teraloop ESS (A highly scalable grid-scale energy storage system utilising 3rd generation flywheel technology for effective integration of renewable energy.)
Reporting period: 2018-05-01 to 2018-09-30
Following 200 years of electrical innovation since Faraday, it remains easier to balance energy supply using fossil-fuel generation, than to store a surplus from renewable sources. In a sustainable future, storage will be used to minimise the need for generating assets, whilst balancing the intermittent nature of a grid powered by 100% renewable energy sources. Teraloop is bringing to the market, an innovatively configured system for efficient grid-scale storage with a minimized visual and environmental footprint.
During Phase 1, Teraloop produced a work plan, detailing the main technical steps to make Teraloop EES ready for market. Also during the Feasibility Study, the business viability has been evaluated by means of a detailed market analysis (size, barriers, customer segments, competitors) and preparing a commercialisation strategy and a detailed financial analysis to understand the expected financial performance. The results achieved during the project, confirming the products expected performance by all stakeholders will be communicated through a series of communication channels (online, events such as conferences, publications). For energy utility companies, the system is expected to result in cost avoidance and opportunistic revenue generation.
Teraloop EES will provide the following key benefits: 1) a lower Levelised Cost of Storage (LCOS) than batteries and a lower capital cost for devices of 10MW and above, the advantage increasing with scale; 2) durable efficient large-scale energy storage; 3) circular economy (over 95% of components are recyclable; 4) location flexibility as the system requires neither land elevations nor additional resources (e.g. water) to store energy.