Private Equity Group to Bankroll Compressed Air Storage
Katie Cordrey — February 11, 2010 — Eco
A private equity group is bankrolling a project to hollow out a series of energy storage vaults from a massive salt deposit in the Utah desert in order to create a repository for storing energy. The idea behind the subterranean ‘battery’ is to fill the vaults with compressed air in order to generate power when the wind doesn’t blow. Compressed air isn’t the only storage item on the list: Salt Lake City-based Magnum Energy LLC plans to store natural gas and possibly liquid petroleum as well as carbon emissions sequestered from a neighboring coal-fired power plant.
To date, only two commercial-scale, compressed air power plants exist. One is in McIntosh, Alabama and one in Bremen, Germany. Other projects are under development in Norton, Ohio, and Ankeny, Iowa.
To date, only two commercial-scale, compressed air power plants exist. One is in McIntosh, Alabama and one in Bremen, Germany. Other projects are under development in Norton, Ohio, and Ankeny, Iowa.
Trend Themes
1. Compressed Air Energy Storage - The trend of utilizing compressed air for energy storage presents opportunities for innovation in developing more efficient, scalable, and cost-effective storage solutions.
2. Salt Vault Energy Storage - The trend of using salt vaults for energy storage opens up possibilities for disruptive innovations in optimizing the storage capacity and retrieval efficiency of renewable energy.
3. Multi-purpose Energy Storage Facilities - The trend of integrating various energy storage mediums, such as compressed air, natural gas, petroleum, and carbon emissions, into a single facility offers potential for disruptive innovation in creating versatile and sustainable storage solutions.
Industry Implications
1. Renewable Energy - The renewable energy industry can benefit from the trend of compressed air and salt vault energy storage by exploring new technologies and systems that enhance energy storage capabilities.
2. Energy Storage - The energy storage industry has opportunities to innovate in developing advanced technologies and infrastructure to support the growing demand for efficient and reliable storage solutions.
3. Private Equity - The private equity industry can seize disruptive innovation opportunities by investing in and supporting projects related to compressed air and multi-purpose energy storage facilities.
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