【AEA 2022 Alumni】
EnergyBank is on a mission to decarbonize global electricity grids. We are developing a novel energy storage system to make the most of renewable energy and provide an alternative to fossil-fuelled electricity plants. Our Deep Ocean Gravitational Energy Storage (DOGES) technology has significant cost and environmental advantages over other low-carbon energy storage and deployment alternatives.

The DOGES system converts energy between electrical and gravitational potential by lifting and lowering large masses (tokens) on vertical tendons between the ocean floor and a floating spar buoy moored with tethers.

Renewable energy provides the lowest cost generation in most electricity markets. It’s limited in use due to its unreliable output profile. Low-cost, mid-duration energy storage (50-200 hours @ <$20/kWh installed) is widely seen as the solution to this problem. EnergyBank can provide this at less than 10-30% of the cost of today's lithium-ion storage and less than half of the 2035 projected cost of lithium-ion options. We have identified 42 countries with deep water close to large urban centres. We see an immediate demand for 14,222GWh of storage in these countries, growing to 22,075GWh by 2040. At $9m/yr/unit, this would be worth $128b/yr growing to $232b/yr by 2040. https://www.energybank.nz/