1. Pumped hydro energy storage (PHES) and compressed air energy storage (CAES) are the most commercially mature technologies for LDES.
2. Corre designs large-scale projects using CAES technology and salt caverns, with Siemens Energy as its main design partner and EPC arranger.
3. Corre is Europe’s largest energy storage developer with projects in the Netherlands and Germany, funded by entities like Eneco and Infracapital, and is looking into potential private investment opportunities.
The development of technologies for long-duration energy storage (LDES) is still ongoing, with pumped hydro energy storage (PHES) and compressed air energy storage (CAES) being the most mature commercially. However, there are more technologies emerging that can provide storage for 10-20 hours. One company, Corre, is focused on developing large-scale projects using its CAES technology platform in partnership with Siemens Energy.
Corre’s technology involves pressurizing air into a storage medium and releasing it through a heating system to generate energy. The company is patent-pending on its design and integration with the wholesale market. They are involved in several projects in Europe, including ones in the Netherlands and Germany with a potential energy storage capacity of close to 30GWh each.
The success of LDES projects like those developed by Corre relies on support from entities with large renewable energy ambitions and capacity market schemes to facilitate long-term energy storage. Corre recently announced engagement with investment bank Rothschild & Co for potential private investment as they seek development capital to fund their projects. Despite being listed, their goal is to raise capital for development rather than solely focusing on share price performance. McGrane emphasizes the importance of financing in the energy storage industry and notes the challenges of raising growth capital in Europe.