RheEnergise secure £2.15 million EIC grant
Grant to support R&D as company moves to its first commercial long-duration energy storage scheme
RHEENERGISE, the UK company that is developing a new and advanced form of long-duration energy storage, has secured a £2.15 million (€2.5 million) grant from the European Innovation Council (EIC) Accelerator to support the company’s research and development work.
RheEnergise are the only long-duration energy storage (LDES) company to secure EIC funding and one of only three UK companies to secure an EIC grant. In total, the EIC (Europe’s flagship innovation programme to identify, develop, and scale up breakthrough technologies) awarded monies to 40 companies from across Europe, in sectors such as health, space, IT, and energy. Each of the recipients is regarded as having ‘transformative’ technologies with strong ‘commercial promise’.
Stephen Crosher, chief executive of RheEnergise, said: ‘The receipt of the EIC Accelerator grant is hugely welcome, as the EIC acknowledges the quality of our R&D to date, and the commercial prospects for our LDES technology to be deployed. With the start of pumping of our high-density fluid soon to commence at our demonstrator energy storage plant on the outskirts of Plymouth, and the encouraging global interest that is being shown in our LDES technology, we are in a strong position to be one of the UK’s leading green energy unicorns.’
The LDES demonstrator, at Cornwood, near Plymouth, Devon, has received financial support from the UK Department of Energy Security & Net Zero. RheEnergise have agreements in place to deploy the technology in the UK, South America, Australia, and mainland Europe.
