After tough negotiations, Pricewaterhouse Coopers have
signed an unprecedented engagement agreement with Storelectric. They are taking
a significant shareholding in the business in return for free support of
various kinds, such as:
- Corporate, structure
- Financial, commercial
- Funding the pilot and first full-scale plants.
They have many reasons for doing this:
- Massive scale energy needed by renewable generators to ensure growth regardless of government support;
- Such storage is needed by the grid to provide peak power and back-up to renewables, as capacity is reducing and becoming more expensive to maintain as back-up;
- Governments across the world have identified truly grid-scale energy storage as a key technology benefiting their economies by billions per economy per annum;
- As DECC said, ours is the first viable solution at this scale;
- Ours is entirely carbon-free for peak smoothing (probably well over 90% of our future output), and low carbon for mass storage;
- This investment fits in well with PwC's ongoing green strategy.
It goes without saying that we have a fantastic amount to gain from this partnership, too! Not least that it will help to close our consortium deals. So, welcome!