Enabling renewables to power the grid
with large scale, long duration storage
European Project of Common Interest
Storelectric’s first project has been accepted both as a European Project of Common Interest and on the Ten Year Network Development Plan (TYNDP) of the European Network Transmission Service Operators – Electricity (ENTSO-E) organisation set up by the European Commission. This means that SEL are officially recognised as important infrastructure at a continental scale. The accepted project is CARES (Compressed Air Renewable Energy Storage), item 1.12.3 on the “third PCI list“, see page 5, accessible through their website..
Now Storelectric can apply for funding from the €26bn Connecting Europe Facility, help gain access to other EU funding, and provide access to a single point of contact with a maximum 3.5-year period for all permits in any member state. Further projects could apply for PCI status in other Member States.
The two plants of the CARES project will be in separate companies / Special Purpose Vehicles (SPVs). The project promoter is Storelectric Ltd, licensing the TES CAES technology from TES CAES Technology Limited.
UK Government Funding Guarantee
The UK government has provided the following guarantee of ongoing funding:
“Where UK organisations bid directly to the European Commission on a competitive basis for EU funding projects while we are still a member of the EU, for example universities participating in Horizon 2020, the Treasury will underwrite the payments of such awards, even when specific projects continue beyond the UK’s departure from the EU.”
As summarised by the government’s EU Energy Focus bulletins,
“UK based individuals and organisations will remain eligible to bid for funding, participate in and coordinate consortia, including for Calls in 2019 and 2020. Projects which have already been approved will be able to continue with an uninterrupted flow of EU funding.
“In the event that the commitments in the Joint Report are not met, the Government’s underwrite guarantee remains in place. The funding for all successful applications by UK researchers, businesses and universities which have been submitted by the date of EU exit is guaranteed. The UK Government will work with the European Commission to ensure payment when funds are awarded.”