ABOUT CORRE ENERGY
Corre Energy has been formed by a world-leading team in energy storage, which has pioneered the development of a de-centralised energy marketplace enabled by physical mass-storage systems, which can harvest significant value for all energy consumers in the form of new energy products and services.
Through storage, computing and data has been put into the cloud providing access to affordable and scalable sources of information and processing power which has unleashed untold innovations across the world. Imagine achieving the same for energy.
The existing energy market is broken. It was set up by incumbent energy producers (oil, coal, gas and nuclear) with a centralised supply chain and designed around fixed inputs and outputs with little incentive to improve efficiency or flexibility.
Into this market enters Renewable Energy. By its very nature, renewable energy is unpredictable and demands flexibility in the energy market place, because the sun doesn’t always shine and the wind doesn’t always blow. A demanding supply in an inflexible market creates waste. In solving the market problems, we will unlock this.
WHY ENERGY STORAGE IS FUNDAMENTAL
Storing energy is as fundamental as storing food or water
Storing food and water is as fundamental to survival as is storing energy. Think of any other resource or product which isn’t stored, and you will find it difficult to name one, maybe apart from electricity. Imagine if we couldn’t store water. It would mean we would have to build an infrastructure so big and expensive it could render water deeply unaffordable and inaccessible. One could argue that it is the very lack of adequate water storage and consequent supply which restricts its access in the developing world.
If data couldn’t be stored there would not have been the advent of the computer and the vast array of information and communication technologies which have transformed the world. Through storage we have put computing and data into the cloud providing access to affordable and scalable sources of information and processing power which has unleashed untold innovations across the world.
Contrary to popular belief, it is not only possible to store electrical energy, it has been done for centuries. The first battery was devised by Volt in 1798 and the first largescale storage plant using water-based storage (known as Pumped Hydro Storage – PHS) was built in Switzerland in 1897. The build-out of storage from the 1970s was in response to the oil crisis of 1973 where large-scale PHS acted as back-up to nuclear power plants. Transformational advances in storage technology combined with significant reductions in cost now ensure that neither stand in its way.
The problem is one of market failure – not requiring storage in the supply chain of electricity is one of the great market failures of the 20th Century and if anything created the very grounds in which monopoly could thrive. In the 21st Century it is inexcusable.