• EIC Accelerator grant to support RheEnergise’s R&D as it moves to its first commercial storage scheme

• RheEnergise is the only LDES company to secure EIC funding and one of only three UK companies to secure an EIC grant

• EIC grant award coincides with investor roadshow in Canada

RheEnergise, the UK company that is developing a new and advanced form of long-duration energy storage, has secured a £2.15m (€2.5m) grant from the European Innovation Council (EIC) Accelerator to support the company’s R&D work.  The grant award coincides the start of RheEnergise’s investment roadshow in Canada, where the company’s engineering team are primarily based.

RheEnergise is the only Long Duration Energy Storage (LDES) company to secure EIC funding and one of only three UK companies to secure an EIC grant (the other two are involved in advanced computing and health).  In total, the EIC (Europe’s flagship innovation programme to identify, develop and scale up breakthrough technologies) awarded monies to 40 companies from across Europe, in sectors such as health, space, IT and energy; each of the recipients were regarded as having transformative technologies with strong commercial promise. The EIC’s total funding amounted to almost €230million.

Stephen Crosher, Chief Executive of RheEnergise said: “The receipt of the EIC Accelerator grant is hugely welcome, as the EIC acknowledges the quality of our R&D to date, and the commercial prospects for our LDES technology to deployed. With the start of pumping of our High-Density Fluid soon to commence at our demonstrator energy storage plant on the outskirts of Plymouth, and the encouraging global interest that is being shown in our LDES technology, we are in a strong position to be one of the UK’s leading green energy unicorns.”

The LDES demonstrator, at Cornwood near Plymouth (Devon), has received financial support from the UK Department of Energy Security & Net Zero. RheEnergise has agreements in place to deploy its technology in the UK, South America, Australia and mainland Europe.