Last night Storelectric won the Shell Springboard regional finals, against very strong competition. The other seven finalists were all outstanding, but the judges bought into both Storelectric's vision to back up renewable electricity generation for the whole country, for a week, and the feasibility of our proposals.
The judges' interrogation focused on our innovation, the practicality of our solutions, our commercial viability, our route to market and the fantastic consortium of world-leading businesses that we are building to deliver it. They were struck that our proposal, on its own and restricted to peak power, can achieve 7% of the UK's 2050 emissions reduction targets - and with the potential to grow to 25% and beyond.
The prize will certainly be a springboard for us. The credibility from the in-depth analysis and approval by academics and industry experts, the publicity and the prize will enable us to:
- Reinforce our growing consortium of businesses to deliver our proposals;
- Build a consortium of investors for the initial stages;
- Nail down our initial IP; and
- Undertake significant up-front engineering work.
We would like to thank Shell for this support, platform and prize.