Economical Energy

🏆 Economical Energy has been named the South Australian Innovator of the Year as part of the 2024 Hot 30 Awards, presented by CORE Innovation Hub. Economical Energy pioneers clean energy solutions with EcoHoist and VIPER, revolutionising mining and energy storage. Led by Matthew, their commitment to sustainability and strategic partnerships positions them as leaders in the clean energy revolution, driving affordability, scalability, and environmental responsibility. 🤩 https://bit.ly/43lZAcu

Long-duration energy storage could cut industrial emissions by 65% ✂️ According to the Long Duration Energy Storage Council (LDES Council) 🔍 So how is the sector shaping up? 💦 Liquid air - using electricity to cool air to a liquid, which, when warmed and released as a gas, spins a turbine. Highview Power is the world leader in cryogenic compressed air that can store energy for days in steel towers.   𐄷 Gravity-based storage: A piston or weight is lifted using energy (recharge). When dropped, the object’s gravitational energy is captured and used to spin a turbine (discharge). Energy Vault has a conceptual solid mass equivalent of pumped storage, with automatic cranes creating a tower of 35-ton blocks that drop back down when energy is needed. 💨 Compressed air energy storage: Air is pressurised and released to power a turbine. Hydrostor uses water to pressurise air in man-made caves or abandoned mines. A promising technology, but is limited geographically to where these caverns already exist, or where giant tanks can be built. 🔋 Battery innovation: To date, lithium-ion batteries have led the market - but their version of long-term is measured in hours, not days or months. Ambri has developed a novel liquid metal battery technology that it hopes will fundamentally change the way our power networks operate. And Form Energy has also come up with a unique iron-based battery 📉 Reducing the cost per kWh: Offering cost-effective and lower-cost benefits is important as cost is key when it comes to energy storage. Energy Dome uses a CO2-based thermodynamic process which allows for electricity to be stored cost-effectively. Form Energy is also aiming for its alt battery storage tech to come in at less than $20 per kWh, approximately 1/5th of the cost of li-on cells today. 📈 Big names jumping on board: Some of the household names in global industry are already piloting long-duration technologies, including Microsoft and Google. Both tech giants, along with 10 other companies, joined the Long Duration Energy Storage Council, a CEO-led organisation launched at COP26, in 2022 to push for the global deployment of technologies that can store and discharge energy for eight hours or longer. 👉 Check out our latest HackTrend Report for all the insights, opportunities and risks to scaling long duration energy storage: https://lnkd.in/eMtZ5Ggv

INNOVATION AND THE POWER OF STORYTELLING Amidst the whirlwind of activities at IMARC, I enjoyed immersing myself in an insightful panel session — one of the most enjoyable sessions I've experienced. Two standout insights linger in my mind: the greater importance of innovation and the art of storytelling. Fiona Robertson's words resonated with my journey into the mining industry. She emphasised, "Mining companies embracing innovation will attract the bright minds of the upcoming workforce." This aligns with my interactions with future miners at universities, as they express a preference for visionary teams over substantial paychecks. In the realm of storytelling, a skill I've come to appreciate at Economical Energy with EcoHoist and VIPER products. Rohitesh Dhawan underscored the significance of storytelling, emphasising that "It's not just about how well you tell your story, but how well others tell your story." Recognising this truth is crucial in shaping how our mining industry narrative is shared by others. I see that for the mining industry to evolve and flourish, championing innovation and mastering the art of storytelling will be paramount. #StorytellingMatters #IMARC2023 #MiningInnovation #SustainableFuture #NetworkingInTheIndustry #ResourceLeadership 🌏

ARENA is open for business on industrial decarbonisation. ARENA has launched the first funding round of the $400 million Industrial Transformation Stream (ITS) to support emissions reduction at existing industrial facilities in regional Australia. The Industrial Transformation Stream is part of the Powering the Regions Fund, the design of which was finalised by the Australian Government in the 2023-24 Federal Budget. Round 1 will see $150 million of ITS funding be made available primarily for applications focusing on regional decarbonisation of industrial process heat and off-road transportation. The program builds on ARENA’s priority in low emissions metals and previous work under existing programs to drive innovation and support industry to reduce their emissions. ARENA CEO Darren Miller said: “Progress in the industrial sector is vital to achieving our emissions reduction goals and will set Australia up as a renewable energy superpower that will maintain jobs and economic activity in our regions and capitalise on the world’s shift to green products." Media release - https://lnkd.in/gTKxcYKR #renewableenergy #industry #decarbonisation