We questioned the industry “axioms” of energy storage. We found a better way.
Category: Energy Efficiency — Region: Western
President: Amrit Robbins; CTO: Anthony Diamond
Elevator pitch: Unlike batteries that store electricity, our system stores refrigeration for later use by freezing a tank of water with common additives. Our system reduces supermarkets’ electricity bills by shifting their refrigeration loads from on-peak hours (when electricity is expensive) to off-peak hours (when electricity is up to 80 percent cheaper). It can also be configured to provide backup refrigeration services, protecting supermarkets against product loss during power outages.
How we make a difference: Supermarkets have razor-thin profits of 1.38 percent, and they use three times more energy than retail stores. We help supermarkets to improve their profit margins by actively managing their largest energy-consuming systems: central refrigeration. Our system can also help refrigerated facilities worldwide reduce product loss due to power outages (e.g., thunderstorms in Florida, rolling blackouts in Mumbai, etc.), contributing to both higher operating margins and higher levels of global food security.
If we win? We will leverage the momentum to attract additional customers, investors, team members, and sales channels. We will use the proceeds to accelerate the development of our product and help finance our first full-scale pilot project with a national supermarket chain (scheduled for delivery in April).
Cleantech Open anecdote: An investor told us to beg, borrow, and steal in order to build a bench-scale prototype. And, we did.