The Genesis of Storelectric Ltd

The Genesis of Storelectric Ltd

“All the batteries we make now can ONLY store 10 minutes of the world’s electricity needs, we need a breakthrough here, something that is going to be a factor of a HUNDRED better than what we have today

Bill Gates 

Since 2013, Storelectric has been developing utility scale energy storage technologies. Storelectric Ltd was the 2nd Company 350 PPM backed in 2017 and then again in 2019. Finally, you can find Storelectric’s Energy Storage with Hydrogen Patent here – granted in the UK and specific to Green Hydrogen, which was filled in 2015, years before anyone was even thinking about Hydrogen (hyperbole).
  
Having won The Shell Springboard and the NAM challenge (NAM is Holland’s largest Energy Company), both for Energy Storage Solutions with its improvements to the CAES system and the resulting patents, Storelectric has just been awarded an “Energy Storage with Hydrogen” Patent. This covers most methods of producing Green Hydrogen and utilising Green Hydrogen as an Energy Storage Medium in the UK. ROR patents are pending. 
  
As a result of Storelectric’s existing business and the New Patent, Storelectric is now in talks with various SPACs in New York planning a 500M-1B raise. Dentons (the lawyers) are making the introductions and facilitating this and it’s interesting to note, after 5 years they are still working for Storelectric pro bono / FOC / for free. 

Prior to this, Storelectric needs to:

  1. Build its reputation as thought Leaders (they filed the Hydrogen Patents in 2015 and Mark Howitt’s expertise has also been recognised with the following expert positions: • United Nations (UNECE) expert in energy transition technologies, economics, regulation and politics • Member of the UK advisory team to the IEA (International Energy Agency 27) • Member of the Energy Storage Steering Group of the Renewable Energy Association 28 • Solar Power Europe Task Force on Solar and Storage • Until Brexit, Mark was on three task forces within ETIP SNET, determining the innovation priorities of the European Union. And finally, Storelectric is a major consultee in numerous public consultations by the British government, European Union, Ofgem, National Grid and others); and its pipeline of projects in the UK and abroad, begin pre-construction development of said project and build its valuation.
  2. Build its Pipeline of projects in the UK and internationally in partnership with organisation it is working with now like Mitsuibishi Power, Geostock Entrepose, ERM, Arup, KBB with support from PWC, Siemens, Mott MacDonald, Balfour Beatty, Costain, GE Alstom, Newgate, HFL and BPE, complete pre-construction development on said projects for either CAES, CAES Hydrogen Hybrid, of Hydrogen Energy Storage Solutions, such that the project (s) reach ready to build status
  3. Grow its valuation to at least €500M, the level at which SPAC investment becomes a possibility.

For additional information on Storelectric please register on Storelectric’s website by clicking: here

Please mention my name: Nicholas Dimmock and then I will be able to contact you. If you have any questions in advance, please email me on:
Investor-relations350@storelectric.com but it is helpful if first, you can provisionally confirm your investor status which you can do on the website. 

Supporting information below: 

  • Video from Storelectric Winning Shell Springboard is here:  
  • Video from Storelectric Winning NAM Challenge is here:  
  • Promotional Video from 2019 here:  
  • Storelectric on CNBC here
  • Storelectric’s CTO Comments on Gigawatt Scale Storage for Renewables here:  
  • 350 PPM’s Research on Grid Scale Energy Storage is here:  
  • 350 PPM’s Research Note on Hydrogen is here:  

Key Milestones Achieved:

2013
• Green CAESTM concept developed
• Company set up

2014
• Alternative Green CAESTM designs modelled
• First validations
• Seed funding
• Storelectric wins funding prize at Shell Springboard

2015
• Technical validation and work with Siemens, Balfour Beatty, Alstom, ERM
• Commercial modelling and validation of both plant and SPV by PwC
• Recruited Tallat Azad a senior Director from Alstom

2016
• Grant of European Project of Common Interest
• Developed Hydrogen CAESTM
• Collaboration agreement with Maloney Metalcraft
• Developed proprietary revenue / commercial / financial model, an updated version of which is consistent with Baringa’s 2020 model.

2017
• Mitsubishi Power validation and support started, replacing Siemens who focus on Dresser Rand since acquisition
• Accredited by World Alliance for Efficient Solutions
• Collaboration agreements with ERM, Geostock and KBB DEEP
• Recruited Paul Davies, a Senior Partner from PwC

2018
• Won NAM Challenge (Nam is the Shell-Exxon JV in the Netherlands) global large-scale36 energy storage competition
• Validation reports (with models and sensitivity scenarios) by Costain Fortum, Mott MacDonald
• Letters of support from Arup, National Grid, Scottish Power Energy Networks and others
• Project of Common Interest re-approved

2019
• Validation reports (with models and sensitivity scenarios) of Storelectric’s revised Green CAESTM design prepared by Fortum
• Letters of support from Siemens, Arup (again), Sembcorp and others
• Closing successful Series A funding round, over £1m raised

2020
• Grant of patent to catalyse electrolysis with the heat of compression
• Revenue streams / Gross Margin validation and calculation by Baringa
• Final validation report by NAM
• Letter of intent from Mitsubishi Power
• Project of Common Interest re-approved

2021
• Letter of support from wind farm developer for National Grid to explore a wind-storage combined project, 2.6GW, 20GWh
• Renewed letter of support from Geostock
• Opening Series B funding round

Award Winning:

Storelectric has been recognised multiple times over as a ground-breaking company by its peers:

In 2014:
• Storelectric won the northern regional finals of the Shell Springboard competition.

In 2015:
• Storelectric won European Utility Week’s Initiate Award in Vienna, the Innovation in Technological Development in the Electricity Industry and Most Innovative Start-up from Issuu’s online magazine Technology Innovator.

From 2015-2018:
• Storelectric has won six awards at CV Magazine’s Technology Innovator Awards: Innovation (twice), Ones to Watch in Energy Storage Solutions (twice), Most Innovative Start-up and CAES Business of the Year.

In 2017:
• World Alliance for Efficient Solutions, one of 1,000 Efficient Solutions

In 2018:
• NAM Challenge global large-scale energy storage competition (NAM is the Dutch gas and oil producing joint venture between Shell and Exxon)

In 2019:
• Business Innovator Awards, Best Renewable Energy Storage Solutions Provider – UK

In 2020:
• Hello Tomorrow / Solar Impulse Foundation – Efficient Solution Label
• Corp Today Magazine: Best in Air Energy Storage Solutions – United Kingdom, and Best for Turn-key Energy Storage and Microgrids
• European Enterprise Awards: Best Compressed Air Energy Storage Projects Developer
• Energy CIO Insights – Top 10 Energy Tech Solutions Provider

In 2021:
• Global Business Insight Awards: Most Outstanding Renewable Energy Storage Solutions Provider – UK Storelectric has been a finalist for numerous other awards. These include:
• Nextgen 2014
• UK Energy Innovation Awards 2014
• International Festival for Business – Clean and Cool 2014
• New Energy & Cleantech Awards 2015
• BusinessGreen Technology Awards 2015, nominated for 3 categories: R&D Programme of the Year, Breakthrough of the Year and Innovator of the Year Company
• Cleantech Innovate 2015
• Rushlight Awards 2015
• North West Business Masters 2015
• Renewable Energy Awards 2016 – 2 categories – Innovation and Smart Energy System
• Cleantech Innovate 2018
• Hello Tomorrow Global Challenge 2019
• REA Energy Storage Award, 2019
• Energy CIO Insights Magazine, Top 10 Energy Technology Solution Providers in the UK 2019 and 2020
• Energy Tech Challengers 2021

Recognised Expertise:

Storelectric’s directors (especially Mark, also Tallat) are regular speakers and panellists in conferences and exhibitions internationally, including:

• Enlit / European Energy Week, 2015, 2017, 2019 and 2020
• Energy Storage UK 2015
• Resonates Cleantech Club (at the Royal institution of Great Britain), 2015
• IBESA Storage Day at Solar Energy UK, 2015
• Clean Energy Live, 2016+
• Westminster Energy, Environment & Transport Forum Keynote Seminar: Next steps for renewable energy in the UK, 2017
• Wind & Solar Energy Storage Advancements, 2017
• World Infrastructure and Energy Summit, 2017
• New England Venture Summit, 2017
• Energy Storage Connected Systems, 2017 and 2018
• World Economic Forum 2018 (one of only two private companies invited to present)
• Battery, Energy & EV Congress, 2018
• Cleantech Innovate, 2018
• Institute of Mechanical Engineers, 2018 and 2019
• Solar & Storage Live, 2019 (speaker, panellist and chairman at different sessions)
• Energy Storage Summit, 2019
• EnTech± 2019
• Institute of Chemical Engineers, 2020
• Guest Lecturer at the Royal Holloway University of London, 2020
• Energy Industries Council (EIC), 2020
• Middle East Energy Online, 2021 (2 presentations: Latest technologies in storage solutions, and Balancing Grids in the Energy Transition)
• RenewableUK Future Systems Webinar: The future storage markets, 2021
• Charles Rivers Associates: Flexiblity Event 2021

Mark’s expertise has also been recognised with the following expert positions:

• United Nations (UNECE) expert in energy transition technologies, economics, regulation and politics 26
• Member of the UK advisory team to the IEA (International Energy Agency 27)
• Member of the Energy Storage Steering Group of the Renewable Energy Association 28
• SolarPower Europe Task Force on Solar and Storage
• Until Brexit, Mark was on three task forces within ETIP SNET, determining the innovation priorities of the European Union.

And finally, Storelectric is a major consultee in numerous public consultations by the British government, European Union, Ofgem, National Grid and others.

Any opinions expressed in the article are those of the individual and not necessarily those of 350 PPM. This article may contain specific market comment and indicative prices; this is for information purposes only and in no way constitutes advice to buy or sell. 350 PPM accepts no responsibility for any actions taken by the readers. No representation is made that this information or any attachments are free of viruses. Virus scanning is recommended and is the responsibility of the recipient.

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