London-based Highview Power announced last week the development of CRYOBattery, the first modular cryogenic energy storage system of its kind.
In a statement, the company said the battery can scale up to multiple gigawatts of storage and has a leveled cost of storage of $140 per megawatt hour. Company officials also believe a system of CRYOBatteries could perform at the same level as a fossil fuel power station, possibly replacing it.
“This is a pivotal moment for the renewable energy industry and for anyone who wants to deploy large amounts of renewables,” said Javier Cavada, Highview Power president and CEO.
“As more and more renewables are added to the grid, long-duration, giga-scale energy storage is the necessary foundation to make these intermittent sources of power reliable enough to become baseload,” he added. “ Not only does our CRYOBattery deliver this reliability and allow scalability—it is proven, cost-effective, and available today.”
Company officials did not say when or where they will connect their first CRYOBattery facility to an electrical grid.
Company Says Battery Will Provide Much-Needed Stability for Renewable-Focused Grids
CRYOBattery’s scalability means it can handle enough power to provide stability for grids whose reliance on renewables results in intermittent influxes of energy. When the sun goes down, solar generation stops. When the wind ceases to blow, wind generation stops.
CRYBattery bridges those gaps and allows an integrated system of reliable power generation, Cavada said.
“This makes replacing gas peaker power plants with a combination of solar, wind and energy storage a viable reality and truly sets the stage for a future where 100% of the world’s electricity comes from clean energy sources,” he said.
Storage an Essential Part of Decarbonization Goals
A recent report from Wood Mackenzie about the push for 100% renewable electricity usage in the United States noted that storage will play a key role.
The report said that 100% decarbonization would require “approximately 900 gigawatts of storage investments” to provide grid stability and reliability.
At present, the world has about 5.5 gigawatts of battery storage. Most of that, the report said, is lithium ion storage.
This form of battery “fails to deliver the longer duration storage capability critical to balancing seasonal swings,” the report said.
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