Nottingham-based Cheesecake Energy Ltd has been given £9.4m by the Government to test its FlexiTanker technology for storing electricity using a combination of thermal and compressed air energy storage.
The award will help the company to install pilot units at two sites within a microgrid development in Colchester, as part of £30m invested to put the UK at the forefront of designing and testing innovative technology of the future to modernise our energy system and store renewable energy for later use.
The Government says capturing and storing energy for use when and where it is needed will play an essential role in powering more of Britain from Britain and increasing the country’s energy security. The funding announced today will support these businesses testing and preparing their technologies to be ready for the energy market, encouraging private investment and creating new jobs across the UK.
The nature of renewables means that on windy, sunny days sometimes more renewable electricity is generated than is needed, such as during extended periods of the sun shining or high winds. Energy storage technology will soak up this excess energy for later use, maximising the use of renewable energy, all while boosting energy security and supplying energy to consumers at a lower cost.
Flexibility from technologies such as electricity storage and smart charging of electric vehicles could save up to £10 billion per year by 2050 by reducing the amount of energy and network needed to create a secure, home-grown energy system. Accelerating the uptake of energy storage technology will also mean National Grid can balance the grid by activating storage systems instead of asking certain power generation technologies to switch off, further reducing costs to the taxpayer.
Minister for Energy Security and Net Zero Graham Stuart said: “Storing energy for longer periods is vital to build a robust and secure energy system and ensure that renewable energy is used efficiently. Fortunately the UK has a wealth of pioneering businesses that are making their mark on this industry. We’re backing three UK businesses to make their projects a reality, which will go on to play a role in our country’s energy security.
The winning projects will now go on to fully deploy and demonstrate their technology. Alongside Cheesecake Energy are Scots firms Synchrostor and Invinity Energy (UK).
This announcement follows the £32.8 million funding awarded to 5 UK energy storage projects across the country in November 2022 to create first-of-a-kind prototypes of their technology. A total of £69 million of funding has been awarded so far through this programme, helping to drive innovative technologies such as energy storage.
