Over the last few years, fossil fuel prices have soared while renewable energy sources have faced a drastic drop in prices. These changes have created a new paradigm in the energy sector: periods during which more electricity is produced than demanded are increasing, and vast amounts of cheap electricity are being wasted.
To achieve a clean energy transition, we need affordable solutions for long-duration storage. However, existing technologies are expensive and can only store energy for short periods. Our solution stores energy as heat, with the potential of reaching a very low cost per energy capacity, at scales of just a few MWh.