Better than batteries: How Renewell Energy, Energy Dome, and Malta Inc. aim to transform grid-level energy storage
Summary
The installed cost for pumped storage hydropower (PSH), the dominant option, or lithium-ion batteries and similar technologies typically is hundreds of dollars per kWh. Lithium-ion technology even grew more expensive in 2022 due to supply chain snarls, geopolitics, and mineral shortages.The DoEwhich runs an Energy Storage Grand Challenge to accelerate innovationbelieves that emerging solutions using compressed air, gravity, and thermal technology could bring utility-level storage costs below $100/kWh and even down to the single digits. With global renewable energy capacity estimated to grow from 107 GW in 2022 to more than 440 GW by the end of 2023the largest single-year increase everthe need for a Long Duration Storage Shot ( the DoEs word play on its Earthshot projects) success story is urgent.The SOSV Climate Tech Summit (Sept 26-27 / free & virtual / register now) welcomes three entrepreneurs at the forefront of this challenge. Launched in 2020 and based in Bakersfield, Calif. and Houston, Texas, Renewell graduated from SOVSs HAX program and has since received $2.7 million in DoE grants and raised $3 million in seed funding from investors including SOSV, Third Sphere, and Preston-Werner Ventures, the VC fund of Github founder Thomas Preston-Werner.Energy Dome, led by CEO and founder Claudio Spadacini, is developing a utility-scale, long-duration CO battery. Based in Cambridge, Mass., Malta incubated at X, Alphabets Moonshot Factory, and has raised $86M from investors including Proman (natural gas products), Breakthrough Energy Ventures, Chevron, Facebook co-founder Dustin Moskovitz, Alfa Laval (heat transfer, separation and fluid handling systems), and Piva Capital.This panel will be moderated by Casey Crownhart, climate reporter at the MIT Technology Review.Which storage solutions will be the best solution for renewable energy sources?Register today for the SOSV Climate Tech Summit to find out.Learn more about the Summit.