Written by: Basant El-Farmawy
Ikigai Energy and RheEnergise announced the signing of a strategic memorandum of understanding to implement plans for deploying the latter's high-density pumped energy storage technology across the European continent, specifically in Italy as a first step before rapid expansion into other European markets.
How the Hydraulic Energy Storage Technology Works
High-density hydraulic storage technology builds on traditional pumped storage concepts, but uses a fluid with two and a half times the density of water within a closed system. This technology requires only about forty percent of the height of traditional water systems to achieve the same output, allowing the use of hills, mines, and old industrial sites instead of high mountains, which provides a cost-effective solution to add long-duration storage capabilities to support electrical grids.
Enhancing Energy Security and International Cooperation
This partnership comes within the framework of supporting the UK-Italy clean energy growth agenda, and builds on previous government funding to support long-duration energy storage demonstration programs. The two companies seek to combine Ikigai's extensive experience in project development and investment attraction with the advanced engineering and technological solutions provided by RheEnergise, with the aim of building a robust project portfolio that meets the growing needs of future electrical grids.
Meeting the Growing Demand for Renewable Energy
With the continuous expansion of wind and solar energy capacities in Europe, there is an urgent need to provide robust and sustainable energy storage solutions to ensure reliable power supplies around the clock and achieve a fully renewable energy system. The new partnership seeks to identify geographically suitable locations with good grid connections, relying on commercial and financial viability to ensure attracting investors and supporting the commercial success of the projects.
