A recently published academic report from Imperial College Londonâs researchers predicts that the âlevelised cost of storageâ (LCOS) of Qneticâs flywheel energy storage will be significantly cheaper than todayâs leading technologyâlithium-ion batteriesâfor the key grid-scale application.
This is especially impressive considering it is a 2030 projection than includes the expected cost declines of lithium-ion batteries.
Imperial's Dr Oliver Schmidt and Dr Iain Staffell are world experts on energy storage economics. They are co-authors of the upcoming book Monetising Energy Storage, as well as various academic papers on the same topic, which are referenced by the US Department of Energyâs own reports. Schmidt also founded Storage Lab which is a research hub for electrical energy storage.
The analysis compared the following grid energy storage technologies:
Qneticâs new flywheel energy storage
Lithium-ion batteries
Vanadium redox flow batteries (VRFB)
Compressed air energy storage (above-ground tank-based CAES)
Extract from the report
The modelling was based on a typical 200MWh grid energy storage facility focused on a 4-hour discharge âenergy arbitrageâ application that supports the transition to solar and wind and the end of fossil fuels. Technologies that do not easily scale were excluded: pumped storage hydropower and any cavern-based gas-storage system that requires special geographies.
The input data for the competing technologies was taken from prominent peer-reviewed reports from independent authors and government bodies and the input data for Qnetic was provided by the company. If Qnetic can successfully realise the productâs cost and performance targets, then according to Schmidt and Staffell:
ââŠthe modelling results suggest that Qnetic flywheels will provide energy arbitrage significantly more cost-efficiently than lithium-ion batteries and vanadium redox-flow batteries.â
They add:
ââŠQneticâs cost advantage could extend from applications of 0.5 up to 16 hours of duration when above 100 cycles per year.â
Their analysis method can be considered the âgold standardâ for LCOS calculations. Qnetic is focused on delivering a product that meets or exceeds the projected cost and performance targets, in which case, Qnetic expects to have an extremely compelling energy storage solution to bring to the world.
You can read the full publication here:
Imperial College Londonâs researchers worked independently via Imperial Consultants (ICON). We are very grateful to the work of Oliver and Iain. About the authors:
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