Bill Gates gives boost to renewables storage

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

Bill Gates has given financial backing to the development of a new energy storage system aimed at cutting the intermittency of renewable energy technologies such as solar.

The billionaire Microsoft founder has been named as one of a number of backers who are collectively investing $35 million in Aquion energy, a Pittsburgh-based clean-tech firm that is developing a new water-based battery system.

Aquion claims that by using non-toxic materials such as saltwater, its Aqueous Hybrid Ion batteries are a cheap and environmentally neutral alternative to other energy storage systems on the market, which use potentially hazardous chemicals.

The company said the technology had been specifically developed for small and large-scale stationary energy storage applications. This would include solar and other forms of renewable energy generation, where intermittency of supply can be a problem.

The financing round led by Bright Capital has secured Gates and Gentry Venture Partners as new investors and return investments from Kleiner Perkins Caufield & Byers, Foundation Capital and Advanced Technology Ventures.

Gates’ backing for the system is understood to be his third clean-tech investment.

Mikhail Chuchkevich, managing director of Bright Capital, said: “Aquion has demonstrated the viability and potential disruptiveness of its novel energy storage technology. We expect Aquion’s products to be a key enabler for the emerging energy storage industry that many experts predict will grow exponentially in the next decade,”

Scott Pearson, CEO of Aquion commented: “We are very pleased to have attracted such a strong set of new investors to complement our existing backers. The Aquion team is very excited about launching our initial storage products later this year and beginning to ramp the business in 2014 and beyond.”

Aquion said it would deliver initial, pre-production units to selected customers throughout 2013 and begin shipping production units from its high-volume manufacturing plant in Pennsylvania at the end of this year.

The development of efficient storage technology is seen as a critical next step in the roll out of renewable energy, particularly with feed-in tariffs facing cuts in many countries.

Recent studies have suggested the global energy storage market will grow rapidly in the coming years, driven by increasing amount of renewable generation coming online.

28 September 2021
Solar Solutions International is the largest trade show for solar energy in Northwest Europe. Now the solar market has grown up, it's time for the next step. Solar Solutions International displays more than 500 innovations and over 100 practical seminars concerning the latest in energy storage, smart products, and an ever evolving array of solar panels. As an exclusively B2B trade show, Solar Solutions International offers both exhibitors and visitors the chance to network at the highest level. Duurzaam Verwarmd, the largest trade show for sustainable HVAC technology in the Benelux, is held simultaneously. This way your one visit gets you up to date with all of the developments in both sustainable energy and heating.
6 October 2021
Intersolar Europe is the world’s leading exhibition for the solar industry. It takes place as part of The smarter E Europe – the continent’s largest platform for the energy industry. Under the motto “Connecting solar business,” manufacturers, suppliers, distributors, service providers and project planners and developers from around the world meet in Munich every year to discuss the latest developments and trends, explore innovations firsthand and meet potential new customers.
6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.
18 October 2021
Intersolar South America, South America’s largest exhibition and conference for the solar industry, takes place at the Expo Center Norte in São Paulo, Brazil on October 18–20, 2021, and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. At the accompanying Intersolar South America Conference, renowned experts shed light on hot topics in the solar industry.
19 October 2021
This year’s EV World Congress will hold a special role, not only as the first live EverythingEV event in over a year – a chance to renew your connections and re-engage with the EV sector face to face – but also as a chance to share insight and inspiration as world starts to look towards move on post COVID towards hitting ambitious decarbonisation goals in 2030 and beyond. As ever, we will be bringing world leading organisations, cities, and technology providers to the UK to inspire EV innovators, and delve into the challenges facing the sector as the UK looks to revolutionise road transport.
20 October 2021
Utility-scale solar is evolving, shaped by higher power modules and demand for increasingly lower levelised cost of electricity (LCOE). Those trends are also changing project requirements elsewhere, with inverters capable of delivering high power density and power capacity in strong demand. In this webinar, FIMER will detail how its innovative high-power, multi-MPPT string inverter and modular conversion solution can both meet those demands and transform the utility-scale solar sector for the better.

Read Next

September 24, 2021
Independent power producer Catalyze has acquired commercial and industrial (C&I) solar developer Sol Alliance, expanding its presence in the northeast of the US and taking on an 80MW project development pipeline in the process.
September 24, 2021
California Governor Gavin Newsom has signed a US$15 billion package to fund programmes to tackle drought and climate change in the state
PV Tech Premium
September 24, 2021
Concerns have been raised that new measures introduced by Spain’s government to limit windfall profits of renewable energy plants could dent investor confidence and impact the stability of the country’s solar sector.
September 24, 2021
DNV-owned solar monitoring firm GreenPowerMonitor is to integrate Alteso’s solar analytics tech platform into its offering after striking a deal to acquire it.
September 23, 2021
A project that bids to combine up to 20GW of solar PV with the world’s largest energy storage battery and a 4,200km-long subsea power cable has moved a step forward after Indonesian authorities greenlit its proposed transmission cable route.
September 23, 2021
US national residential and C&I solar plant performance assessment company Omnidian has completed a US$33 million Series B raise.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021