Technology to better integrate renewable power and move unused energy back to the grid
TORONTO, March 31, 2015 /CNW/ - NRStor, a leading energy storage company, today announced that it has partnered with two prominent U.S. companies, General Compression and SustainX, to build large-scale fuel-free compressed air energy storage (CAES) in Ontario. Based on a study conducted by NRStor and renowned energy modeler Dr. Andy Ford, deploying 1,000 megawatts of CAES could save Ontario rate-payers up to $8 billion over a 20 year period, while helping to reduce the province's carbon emissions.
CAES absorbs surplus energy during low-demand or transmission constrained periods and returns it back to the grid when needed. CAES is a cost effective long duration energy storage technology that, when added to the system along with wind generation, can effectively provide reliable baseload power, something wind generation cannot do on its own.
"Our new partnership with General Compression and SustainX means that we have world-class energy-saving technology at our fingertips" says Annette Verschuren, CEO of NRStor. "Working together with the province, we will build a more sustainable energy model that will be more cost effective for future generations."
"SustainX and General Compression are pleased to be working with industry leading energy storage developer NRStor in Ontario" says Joe Cofelice, CEO of General Compression. "Ontario is leading the way in the development of economic energy storage solutions and we are pleased to be part of that process".
One of the key benefits to Ontarians will be NRStor's ability to make renewable energy more accessible. Currently, energy is produced when winds are favourable – which may not be when the power is required on the grid. In order to balance the grid, gas plants currently fill the gaps in wind generation. With the use of CAES technology, the need for gas plants is reduced. Surplus energy generated at off-peak times can be stored and released when demand is greater or during lulls in wind generation.
General Compression estimates that the installed cost of its long-duration storage project will be less than one-tenth of the estimated $350/kWh for battery storage projected for the year 2022. The savings to Ontario rate-payers will progressively increase as NRStor and its partners continue to develop more projects, moving towards the 1,000 megawatt target outlined in the study which will be released shortly. NRStor, General Compression and SustainX will work together in taking a phased approach to project development that aligns with Ontario's need for a flexible, reliable and efficient energy grid.
NRStor Inc. is a privately held Toronto-based energy storage project developer focused on developing, owning and operating industry-leading energy storage projects. NRStor is partnered with a variety of technology suppliers that manufacture and integrate flywheel, compressed air and battery energy storage systems and has developed a 2 megawatt flywheel energy storage facility in Minto, Ontario that has been operating since July 2014. The Company offers flexible financing solutions to develop effective and cost-competitive storage systems based on clients' precise technical and financial needs. NRStor is led by Chair & CEO Annette Verschuren, O.C. (www.nrstor.com).
ABOUT GENERAL COMPRESSION
General Compression is a Massachusetts-based company developing a modular, fuel-free compressed air energy storage technology designed for long-duration applications on salt caverns (www.generalcompression.com).
SustainX's isothermal compressed air energy storage (ICAES™) technology, now in grid-connected operation, is a site-anywhere, zero-emissions solution that enables power- and energy-scalable compressed air storage (www.sustainx.com).
For further information: Michael O'Shaughnessy, [email protected], 416-306-6790