Spark New Energies believe that innovative energy storage solutions will be essential to meet the goal of a decarbonised economy. The biggest disadvantage with sustainable, low environmental impact energy technologies such as solar and wind is Intermittency, that is when the sun is not shining or the wind is not blowing, no energy is being generated. The interruption in energy supply can be mitigated by the development of low-cost reliable energy storage solutions to store generated energy during periods of over supply which can be accessed later to maintain supply.
The company has invested in the development of Cased Well Compressed Air Storage (CWCAS) technology. CWCAS is a highly scalable energy storage solution which combines the capabilities of the oil and gas sector with proven technology suitable for any environment. Sub-surface battery array of high-pressure storage casings are installed and matched to suitable air compression machinery powered by available renewable energy (solar/wind) to provide versatile, stable long-duration renewable energy storage.
Spark New Energies has secured, subject to Admission, an option to acquire a 60% interest in CleanTech Geomechanics Australia Pty Ltd (CTGA). CTGA has exclusive licence to use the CleanTech Geomechanics technology and intellectual property (CTG Technology) in Australia and New Zealand. This technology has been developed in Canada (with a number of patents lodged and pending), with the concept being to utilise excess electricity to store compressed air in cased wells, releasing the air to generate electricity when required. Cased Well Compressed Air Storage (CWCAS) technology is scalable and durable, but needs to be proven operationally via a pilot plant.
Spark New Energies will fund a detailed feasibility study to determine whether to proceed to a pilot plant. The feasibility study is expected to confirm the operational framework and the expected costs for the pilot plant, as well as operational efficiencies and energy flow. Several sites are being evaluated for the pilot plant in Western Australia and will demonstrate the commercial readiness of the technology to a number of interested parties seeking to adopt the technology.