The University of Nottingham has announced an investment into local innovative energy storage company, Cheesecake Energy Ltd (CEL). The funding from the university comes with assistance from Nottingham Technology Ventures (NTV), which manages the university’s spin-out portfolio and will support the roll-out of UK-wide pilot programmes for the company’s energy storage solution.
Cheesecake Energy is a fast-growing startup developing energy storage at 30-40% lower cost than lithium ion batteries, the current market leader. Its system uses compressed air and thermal energy storage to achieve high efficiency, long lifetime and dramatically lower environmental impact – the team say it has the potential to be ‘the world's greenest battery’.
The new funding is part of a continuing partnership between the University of Nottingham and Cheesecake Energy and represents a ‘vote of confidence’ in the potential of the company’s breakthrough technology.
The company’s unusual name reflects what they say is a ‘layered approach’ to energy storage. Most energy storage systems today rely on expensive and potentially harmful battery chemistry. In Cheesecake Energy's system, electricity is safely and inexpensively stored as zero emission thermo-mechanical energy with no harmful chemicals involved.
Founded in 2016, the company has already established itself within the Nottingham, and wider East Midlands energy ecosystem — having secured initial interest from local councils and bus services for pilot programmes.
The company is currently designing a 150kW/750kWh prototype system for completion in Q4 2020 which will be deployed with a local bus depot for charging of electric buses using renewable energy.
Cheesecake Energy CEO Mike Simpson said: “We're delighted that the University of Nottingham shares our belief in the potential of the CEL technology and is continuing to show climate leadership by investing to help us deliver affordable and sustainable energy storage.”
The announcement comes as the University of Nottingham furthers its commitment to environmental sustainability. Dr Andrew Naylor, CEO of Nottingham Technology Ventures, said: “We are excited by the potential of Cheesecake Energy’s technology to reduce the cost of energy storage as the world moves towards cleaner methods of energy production.
“We are pleased to be working with Cheesecake Energy Ltd on the next phase of their journey and to support the development of intellectual property originating in the university.”