EnergyNest has been awarded a SME-I phase 2 project grant by the EU Horizon 2020 program. The SME Instrument is part of the European Innovation Council (EIC) pilot that supports top class innovators, entrepreneurs and small companies with funding opportunities and acceleration services. For the first round in 2019, the application success rate was < 4%. The objective of the respective project is to demonstrate EnergyNest’s Thermal Battery system at a commercially operated power plant, where waste-heat will be recovered, stored and dispatched at the time of highest value to improve the plant’s energy efficiency and reduce its CO2 footprint. The demonstration plant will familiarize our customers with the Thermal Battery technology, establishing trust in its performance, benefits and our capabilities to execute commercial projects.
EnergyNest has developed a breakthrough Thermal Battery solution that addresses three of the EU 2020 Energy goals, namely reducing greenhouse gas emissions by at least 20%, increase the share of renewable energy to at least 20% of consumption, and achieve energy savings of 20% or more. By storing energy in the form of heat rather than electricity our technology unlocks a vast new market that has so far been largely overlooked: the Heat-2-Value opportunity. Energy-intensive industries and many thermal power plants waste large quantities of high-temperature heat. The Thermal Battery recovers, stores and discharges this heat upon demand to produce electricity, process steam/heat, district heating and even cooling. Our customers make money with the Thermal Battery by reducing their consumption of fuel and emission of greenhouse gases. Even with a conservative market uptake we can save more than 500 million tons of CO2 from 2020 to 2040.