Two British entrepreneurs have been awarded a share of over £5million to spur on innovation in energy storage, energy minister Baroness Verma announced today.
Contracts have been awarded to REDT UK Ltd and Moixa Technology Ltd, as part of the Department of Energy and Climate Change’s innovation competition to support energy storage research and demonstration.
REDT UK Ltd has developed a technology to store electricity from wind turbines, and Moixa Energy Ltd has developed small battery-based storage units which could be installed directly into people’s homes to store power and re-use it at times of peak demand.
Baroness Verma said: “This investment will give these organisations the boost they need to develop energy storage designs, helping cut costs and bringing new technologies to market in this sector.
“The ability to store energy in this way will become increasingly important in the move towards a low carbon economy and I wish the winning organisations every success with their projects.”
Simon Daniel, ceo and founder of Moixa Technology said: “Energy storage aims to help customers save money and reduce peak energy demand, by using low carbon, night, wind and solar resources. Government’s funding will ensure that we can continue our work to make energy storage cost-effective for wide deployment.”
Gary Simmonds, head of operations, REDT UK Ltd said: “The timing of DECC’s energy storage competition is ideal for the company’s next stage of development – to design, build, and demonstrate larger scale, lower cost energy storage systems.
“The provision of such government support is clearly acknowledged as instrumental in allowing REDT to maintain its position at the forefront of this vital energy storage industry.”