TEXEL Energy Storage: New report released by U.S. National Laboratory on game-changing grid-scale battery technology

STOCKHOLM, Feb. 2, 2021 /PRNewswire/ -- The Savannah River National Laboratory (SRNL) released a report through the US Department of Energy's Office of Scientific and Technical Information (OSTI) on a new thermal battery technology that is up to 90% more cost-effective than lithium batteries for large-scale energy storage. The new thermal battery technology was developed by SRNL and exclusively licensed by the Swedish cleantech company TEXEL Energy Storage.

Inexpensive renewable energy, such as wind and solar, is just the first step towards a CO2 free energy future, where cost-effective and efficient energy storage is considered the final step, or "The Holy Grail". The SRNL in cooperation with TEXEL Energy Storage is nearing the solution.  In the report, SRNL performed a techno-economic analysis comparing the new thermal battery technology to Li-ion batteries to store energy when integrated with grid-scale photovoltaic installations. The SRNL team examined the impacts on the levelized cost of storage (LCOS) for several scenarios and found that the thermal battery technology should achieve a LCOS ranging from $0.019/kWh - $0.073/kWh, at higher volume production, which compares positively to the cost of storage expected today for Lithium-Ion ranging from $0.087/kWh - $0.32/kWh.  

"The report from SRNL is valuable information for all our external partners and further indicates that the world will be able to move away from fossil fuels in an economical, sustainable manner. We hope that this information will help us to mobilize needed funds and support to rapidly move the technology towards commercialization", said Lars Jacobsson, CEO of TEXEL Energy Storage.  

Lead author and the inventor of the SRNL thermal battery technology, Dr. Ragaiy Zidan, added: "This study has shown the tremendous potential of exploiting chemical bonds to efficiently store energy, an area that SRNL has been advancing for many years.  We look forward to scaling this technology with TEXEL."

Savannah River National Laboratory (SRNL), one of US Department of Energy's (DOE) seventeen national laboratories, is considered as one of the world's leading research labs on hydrogen-related technologies. SRNL has developed the new metal hydride materials used in the thermal battery and in combination with the Stirling Converter, exclusively owned by TEXEL and originally developed by Ford Motors, the technologies together create the new unique energy storage technology known as the thermal battery.

"Cost of new technologies is of course important, as our world is controlled by money, but more important for our future is that our new technology minimizes consumption of the planet's resources and could be 100% circular. If technologies consume our planets resources, they are not sustainable or renewable", said Lars Jacobsson.  

The global energy storage business is expected to boom in the coming decades as utilities will look to batteries to backstop an increasing amount of intermittent solar and wind power. BloombergNEF forecasts that the worldwide energy storage market could attract nearly $1 trillion in investments over the next three decades.

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SOURCE TEXEL Energy Storage