I can't believe it's so long since our last post - so much has happened, quite apart from the holiday season.
Clean and Cool
We were delighted to be selected as finalists at the Clean and Cool event at the International Festival of Business last month in Liverpool.
A VC has taken up references and met with two of our partner companies, at their request, with a view to providing the next round of funding.
We have agreed terms with PwC to contract with us and become a significant shareholder in Storelectric. It is good to have their expertise on board, in setting up and structuring our business, in enabling the financing (and related exits), and in pulling together the final consortium.
Siemens have presented their 62.3% efficient 100% renewable proposal to a high-level meeting of 7 of their UK directors and senior managers, PwC, Oswald Consultancy and our cavern supplying partner. They are currently considering whether to proceed with a 40MW pilot, a smaller one, or even (as they have the technology in their current portfolio) go straight to a 500MW pilot. PwC are getting financiers' views on this question. Siemens' next steps are to go for corporate commercial approval, and also to explore the extent to which they wish to contribute financing.
Oswald have explored many different set-ups for both peak smoothing and mass storage, as well as specifying the thermal management system.
A multinational that does not yet wish to be named is quite advanced in discussing our use of their existing, gas-optimised, salt caverns for the pilot plant. Their next steps are exactly like Siemens: to go for corporate commercial approval, and also to explore the extent to which they wish to contribute financing. They recently hosted a meeting with us and UCLan to look at the caverns and discuss their geology and electrical grid connections.
Another two multinational civil engineering firms are expressing interest in supporting Storelectric. Discussions are continuing.
We have found a prospective chairman, who is already helping us greatly though we cannot appoint him until we can afford to pay him. He created and ran BP Renewables, and has taken many environmental technology start-ups through their initial phases and to IPO or trade sale. Chemistry is good.
Both DECC and BIS are looking for the best ways to help and support the pilot.