Matthew Griffin, described as “The Adviser behind the Advisers” and a “Young Kurzweil,” is the founder and CEO of the World Futures Forum and the 311 Institute, a global Futures and Deep Futures consultancy working between the dates of 2020 to 2070, and is an award winning futurist, and author of “Codex of the Future” series. Regularly featured in the global media, including AP, BBC, Bloomberg, CNBC, Discovery, RT, Viacom, and WIRED, Matthew’s ability to identify, track, and explain the impacts of hundreds of revolutionary emerging technologies on global culture, industry and society, is unparalleled. Recognised for the past six years as one of the world’s foremost futurists, innovation and strategy experts Matthew is an international speaker who helps governments, investors, multi-nationals and regulators around the world envision, build and lead an inclusive, sustainable future. A rare talent Matthew’s recent work includes mentoring Lunar XPrize teams, re-envisioning global education and training with the G20, and helping the world’s largest organisations envision and ideate the future of their products and services, industries, and countries. Matthew's clients include three Prime Ministers and several governments, including the G7, Accenture, Aon, Bain & Co, BCG, Credit Suisse, Dell EMC, Dentons, Deloitte, E&Y, GEMS, Huawei, JPMorgan Chase, KPMG, Lego, McKinsey, PWC, Qualcomm, SAP, Samsung, Sopra Steria, T-Mobile, and many more.
WHY THIS MATTERS IN BRIEF
Renewables don’t generate electricity 247 – yet – so we need a way to store energy cheaply so it can be returned to the grid when its needed.
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In the quest to find a better way to store power for the grid, an Italian startup is turning to an unlikely source: carbon dioxide. The company, called Energy Dome, has built a test facility to put the greenhouse gas to work in energy storage.
Renewable power has been growing worldwide, but sources like wind and solar aren’t available consistently, yet – even though we can already see a point in time when solar panels can generate electricity 247 irrespective of the light conditions or weather – creating a need for storage solutions.
The Future of Energy 2050, by speaker Matthew Griffin
Today, most large-scale energy storage uses Lithium-Ion (LiON) batteries, which are expensive, or pumped hydropower, which is only available in certain places. Cheap energy storage systems that can be deployed anywhere could unlock new potential for renewable power.
Energy Dome thinks carbon dioxide could have a role to play. The company says its demonstration plant, where it has designed and begun trials, will soon be able to safely and cheaply store energy using carbon dioxide sourced from commercial vendors.
Compressing gases to store energy isn’t new: for decades, a few facilities around the world have been pumping air into huge underground caverns under pressure and then using it to generate electricity in a natural gas power plant. But Energy Dome turned to carbon dioxide because of its physics.
Learn more about the technology
Carbon dioxide, when squeezed to high enough pressures, turns into a liquid, which air doesn’t do unless cooled down to ultra-low temperatures. The liquid carbon dioxide can fit into smaller steel tanks close to where renewable energy is generated and used.
In Energy Dome’s designs, a flexible membrane holds the carbon dioxide in a huge dome at low pressure. When excess electricity is available, the gas goes through a compressor to reach high pressure. This process also generates heat, which is stored too.
Then, when energy is needed, the stored heat is used to warm up the carbon dioxide, which decompresses and turns a turbine, generating electricity.
Energy Dome’s CEO, Claudio Spadacini, says its first full-scale plants should cost just under $200 per kilowatt-hour (kWh), compared with about $300 per kWh for a lithium-ion energy storage system today. Spadacini says that the costs could drop further, to about $100 per kWh, if the company is able to scale up to a few dozen large facilities.
The concept of compressed carbon dioxide storage is “really promising,” says Edward Barbour, an energy systems researcher at Loughborough University in the UK. However, he expects the company to face some significant engineering challenges, like keeping the heat exchangers working for the decades-long lifetime of the plant.
The demonstration facility where Energy Dome recently started trials has a capacity of 4 megawatt-hours, enough to power the average American home for about four and a half months. Spadacini says that after the demonstration facility is running, Energy Dome will move quickly to 200-MWh commercial-scale plants, aiming to begin construction as early as next year at a site in Italy.
The engineering challenges are “not insurmountable, but they’re not insignificant,” Barbour says. That means that the timelines Spadacini has quoted for scale-up might not be feasible, Barbour cautions: “I think there are kinks to be worked out that might take a little bit longer.”