Economical Energy announces that it has joined the third cohort of the Shell-powered Studio X Accelerator Program, a first-of-its-kind open global innovation company seeking to accelerate innovation in energy and climate tech.
ATP Fund, a venture capital partner of Studio X, has also invested in Economical Energy.
Economical Energy is developing the VIPER (Vertically Integrated Potential Energy Reservoir) energy storage technology, to help make renewable energy cheap, clean and continuous. The VIPER technology stores renewable wind and solar power when it’s available so that it can be used later during energy inadequacy to keep the lights on. It has potential applications in mining, representing an opportunity for companies to reduce their emissions and expand their portfolios.
Economical Energy expects its VIPER technology to become substantially cheaper than batteries, while having a significantly smaller environmental impact than batteries and pumped hydro.
It is considered a Long Duration Energy Storage (LDES) technology, as it is best suited for six to 12 hours of storage which is the optimal range for time shifting intermittent renewable energy. This differentiates it from the lithium-ion batteries installed on grids that typically only have two hours of energy storage.
