The startup develops energy storage technology for the offshore wind sector, utilizing a system that moves large masses vertically between the ocean floor and surface to store energy. This method significantly reduces the cost of energy storage, enhancing the economic viability of offshore wind energy projects.
Funding
$2.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Offshore wind farms require efficient and cost-effective energy storage solutions to address intermittency challenges and maximize utilization of transmission infrastructure. Current energy storage technologies often present high costs and limited scalability, hindering the economic viability of offshore wind projects.
Solution
EnergyBank is developing an energy storage system designed specifically for the offshore wind market that leverages gravitational potential. The system stores energy by vertically displacing large masses between the ocean floor and the surface. This approach aims to provide long-duration energy storage and active carbon capture capabilities, increasing the efficiency of transmission systems and improving project feasibility. By integrating energy storage directly into offshore wind installations, EnergyBank seeks to reduce the levelized cost of energy and enhance the overall economic attractiveness of offshore wind projects.
Target Audience
The primary target audience includes offshore wind farm developers, operators, and investors seeking to improve the economics and reliability of their projects through integrated energy storage solutions.
Features
- Utilizes a system of vertically displaced, multi-ton masses for energy storage.
- Designed for integration with offshore wind farms.
- Aims to provide long-duration energy storage.
- Intends to improve the utilization of existing transmission systems.
- Targets a reduction in the levelized cost of energy for offshore wind projects.
- Incorporates active carbon capture capabilities.