Project description
Improving battery technology for renewable energy storage
The share of wind and solar in the global power mix currently exceeds 25 % and continues to grow rapidly and steadily. New grid management solutions will be needed to avoid overwhelming the grid and causing supply insecurity and outages. Unless current energy storage technologies improve, electricity operators will need to spend around EUR 480 billion to expand the grid networks. EU funding of the Nano-Edison project will enable an Iceland-based company to develop the first battery energy storage technology that meets all performance and cost criteria for grid applications. The new battery technology will be tolerant to heavy currents, overcharging/over-discharging and short circuits and will employ pulse technology – making it ideal for capturing variable renewable energy.
Objective
Increasing share of renewable energy (solar and wind) into the EU energy mix is posing new grid management problems for operators. As the share exceeds 25%, it causes high levels of grid instability that can lead to supply insecurity and outages. As a result, EU electricity distribution operators will require €480 billion by 2035 to expand their networks to overcome challenges associated with integrating renewables if cost and service life of current energy storage technologies are not improved. The only two energy storage methods that have acceptable cost and life: pumped hydro-storage (PHS) and compressed air energy storage (CAES) do not have the required rapid response times and are severely limited by geographic restrictions. While battery energy storage (BES) systems have the required instantaneous response, current technologies are prohibitively expensive and have limited lifespans and have safety risks.
In response to this, Greenvolt Nanoma ehf, an Icelandic company uses nanotechnology to develop the first ever BES technology to meet all performance and cost criteria for grid applications. Our Nano-Edison battery’s costs and service life are comparable to PHS and CAES. Our solution is also tolerant to heavy currents, overcharging/discharging and even short circuits and can support pulse charging – making it ideal for capturing variable renewable energies.
As such, we have a unique advantage within the rapidly growing €7.34 billion global market for grid-scale battery storage. With a viable technology that enables grid operators to defer investments in costly network expansion, we seek to be the global leader in energy storage for stationary applications. We have estimated that we will need an additional investment of €3.5 million to achieve that and bring our technology to the market.
Fields of science (EuroSciVoc)
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs
MAIN PROGRAMME
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H2020-EU.3. - PRIORITY 'Societal challenges
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H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
SME-1 - SME instrument phase 1
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) H2020-EIC-SMEInst-2018-2020
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
101 Reykjavik
Iceland
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.