- The versatility and flexibility of LAES is evident in the breadth of its applications
LONDON, May 14, 2015 /PRNewswire/ -- Based on its recent analysis of the large-scale energy storage market, Frost & Sullivan recognises Highview Power Storage with the 2015 Global Frost & Sullivan Award for Technology Innovation. The large-scale energy storage market, which has few technologies to choose from, has benefitted considerably from Highview Power Storage's liquid air energy storage (LAES) solution. This unique storage tool is reliable, energy-dense, cost competitive, easily scalable and significantly, is the only ready-to-deploy LAES solution in the market.
Highview Power Storage's LAES solution has a wide range of applications and does not suffer from geographical limitations, unlike competing technologies such as compressed air energy storage (CAES) or pumped hydro. Moreover, it uses readily available mature components with proven performance, cost and longevity (more than 25 years); while many batteries, on the other hand, require replacement every seven to ten years.
"Highview Power Storage has sought to constantly improve its technology and lower costs by fostering close relationships with its supply chain as well as collaborating with global companies such as GE," said Frost & Sullivan Research Manager Malavika Tohani. "Its LAES delivers high efficiency of 60 percent in standalone mode and more than 70 percent round trip efficiency, if it utilises the waste heat or cold. Additionally, it is 400 percent more energy dense than CAES, which has a very low energy density of 2-6 watt-hours per kilogram."
Apart from large-scale energy storage, LAES is also suitable for applications that can integrate industrial waste heat/cold from thermal generation plants, steel mills, datacenters and LNG terminals.
Highview Power is currently focussing on providing energy storage solutions collocated with peaker plants and LNG import terminals. The LAES solution is an attractive addition to combustion turbines as it enhances its thermal efficiency and in turn can reduce CO2 emissions. Moreover, as Highview Power's LAES solution is modular and easily scalable, it enables substantial cost savings.
The company has recognised the abundance of opportunities for grid scale and bulk energy storage in the US market, which offers numerous incentives and regulations. In response, Highview Power has signed a license agreement with Advanced Emissions Solutions, Inc. (ADES) in December 2014, which invested $2.8 million in the company.
"Technology licensing agreements with multinational companies ensure a global reach for Highview Power's energy storage solution as well as strong brand visibility," observes Tohani.
Highview Power has 12 families of granted or pending patents covering key areas of technology such as thermal storage loops and LNG integration. In 2012, it was granted a patent for its new CryoEnergy System (CES) in both China and South Africa, which has since been granted in Australia and Canada as well.
Furthermore, Highview's Thermal Store patent has been granted in Australia and the UK, and the LNG integration application has been accepted for grant in the UK. Highview Power is also designing bespoke multi MW commercial LAES plants that will enable bolstering the security of supply, managing peak demand, and supporting intermittent renewables for its commercial customers.
Acknowledging Highview's success born of its innovation, Krishna Srinivasan, Global President and Managing Partner, Frost & Sullivan, remarks, "Steadfast commitment to technology innovation is a surefire way to stay ahead of competition and drive future business value. Highview Power Storage has evinced such a commitment with the development of its leading-edge LAES technology, thereby raising the bar for innovation in the large-scale energy storage market."
Each year, Frost & Sullivan presents this award to the company that has demonstrated uniqueness in developing and leveraging new technologies, which significantly impacts both the functionality and the customer value of the new products and applications. The award lauds the high R&D spend towards innovation, its relevance to the industry and the positive impact on brand perception.
Frost & Sullivan Best Practices awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
About Highview Power Storage
Highview is a privately owned, award-winning technology company located in Central London, England. Highview has developed and owns the IP to its proprietary novel, large scale long duration Liquid Air Energy Storage (LAES) system using liquefied air as the storage medium. During discharge, the system can simultaneously convert low grade waste heat into power, further increasing the overall efficiency by producing additional power. For more information please visit, www.highview-power.com
About Frost & Sullivan
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SOURCE Frost & Sullivan