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The electricity required for you to read this blog post was generated just moments ago. As the grid functions today, electricity demand must maintain a constant balance with electricity supply.
This balancing act has been the foundation for the formation of grids across the globe. Now, as we see our global infrastructure adapting to combat the threat of climate change, new challenges have arisen. The grids were not designed to accommodate intermittent power supply from wind and solar farms, nor were they designed to provide every neighbour with enough power to charge their electric vehicles.
This global movement from centralised energy systems using stable fossil fuel plants to decentralised energy systems using intermittent renewable power plants has created a need for a dynamic solution that reconnects the 20th-century design of our electrical grids to our 21st-century applications.
For a long time, batteries have been the only solution for this problem. These batteries are large-scale versions of the Lithium-ion batteries we use on a daily basis in our TV controllers, mobile phones, and children’s toys. However, whilst batteries can store energy for hours on end, their performance over their lifetime degrades dramatically with high usage – like how your phone battery doesn’t perform as well as it did when you first bought it.
Although, this doesn’t mean that Lithium-ion batteries don’t have their uses. Energy storage systems have value in their networks. Just as we’ve seen the boom of social media networks, energy systems are banking on the same growth strategy.
OXTO Energy is a global flywheel energy storage technology provider. Headed by Dr. George Prassinos, their aim is to offer the lowest cost and most environmentally friendly solution available on the market today. Prassinos has 15 years of experience working in deep space and satellite development. During this time, he discovered that this same technology could be commercialised on Earth to combat climate issues. With his findings and wealth of experience, he founded the company and is building it to become a leader in energy storage solutions.
Their impressive technology includes a flywheel battery which works alongside renewable energy sources from large wind turbines to smaller electrical vehicle charging stations. Made of 100% recyclable steel, this new generation flywheel technology can deliver safe, scalable energy storage at a competitive price.
In 2019, OXTO Energy received their CE market certification. In 2020, they began three pilot schemes in three continents, and have now begun delivering these projects since opening their first manufacturing site.
They have achieved an extraordinary amount in a very short space of time. Largely, this is due to their timely entry to a rapidly growing market, a passionate team behind their innovations, and the ticking time-bomb that is climate change.
In 2017, 18% of energy consumed globally for heating, power and transportation was from renewable sources. Renewable energy is the fastest growing energy source globally – in the US, it saw a 100% increase between 2000 and 2018. OXTO’s competitive rates, which gives them an efficiency advantage, puts them in a unique position to be a leader in this industry.
The next step is expanding on the great work they are already doing and establishing long-term revenue streams. OXTO Energy sees the opportunity to work with larger corporations, governments and on big infrastructure projects as suppliers of their technology. Selling directly to customers and offering affordable energy storage leasing is also set within Dr Prassinos’s sights.
After having successfully secured government funding in both the UK and US, they are raising funds to catapult their international commercialisation plans. To find out more about OXTO Energy and their race against climate change, visit the pitch now.