Wednesday, 06 May 2020
The University of Nottingham has announced an investment into innovative energy storage company, Cheesecake Energy Ltd (CEL).
The funding from the University comes with assistance from Nottingham Technology Ventures (NTV), which manages the University’s spin-out portfolio and will support the roll-out of UK-wide pilot programmes for the company’s energy storage solution.
Cheesecake Energy is a fast-growing startup developing energy storage at 30-40% lower cost than lithium ion batteries, the current market leader. Its system uses compressed air and thermal energy storage to achieve high efficiency, long lifetime and dramatically lower environmental impact – the team say it has the potential to be ‘the world's greenest battery’.
The new funding is part of a continuing partnership between the University of Nottingham and Cheesecake Energy and represents a ‘vote of confidence’ in the potential of the company’s breakthrough technology.
The company’s unusual name reflects what they say is a ‘layered approach’ to energy storage. Most energy storage systems today rely on expensive and potentially harmful battery chemistry. In Cheesecake Energy's system, electricity is safely and inexpensively stored as zero emission thermo-mechanical energy with no harmful chemicals involved.
Founded in 2016, the company has already established itself within the Nottingham, and wider East Midlands energy ecosystem — having secured initial interest from local councils and bus services for pilot programmes. The company is currently designing a 150 kW / 750 kWh prototype system for completion in Q4 2020 which will be deployed with a local bus depot for charging of electric buses using renewable energy.
We're delighted that the University of Nottingham shares our belief in the potential of the CEL technology and is continuing to show climate leadership by investing to help us deliver affordable and sustainable energy storage.
The announcement comes as the University of Nottingham furthers its commitment to environmental sustainability. Dr Andrew Naylor, CEO of Nottingham Technology Ventures, commented: “We’re excited by the potential of Cheesecake Energy’s technology to reduce the cost of energy storage as the world moves towards cleaner methods of energy production.” He continued “We are pleased to be working with Cheesecake Energy Limited on the next phase of their journey and to support the development of intellectual property originating in the University.”
More information is available from Dr Andrew Naylor, CEO of Nottingham Technology Ventures at Andrew.Naylor@nottingham.ac.uk; or Katie Andrews in the Press Office at the University of Nottingham at email@example.com
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Notes to editors:
The University of Nottingham is a research-intensive university with a proud heritage, consistently ranked among the world's top 100. Studying at the University of Nottingham is a life-changing experience and we pride ourselves on unlocking the potential of our 44,000 students - Nottingham was named both Sports and International University of the Year in the 2019 Times and Sunday Times Good University Guide, was awarded gold in the TEF 2017 and features in the top 20 of all three major UK rankings. We have a pioneering spirit, expressed in the vision of our founder Sir Jesse Boot, which has seen us lead the way in establishing campuses in China and Malaysia - part of a globally connected network of education, research and industrial engagement. We are ranked eighth for research power in the UK according to REF 2014. We have six beacons of research excellence helping to transform lives and change the world; we are also a major employer and industry partner - locally and globally.
Cheesecake Energy is lowering the cost of long-duration energy storage, turning renewable energy sources like wind and solar into reliable, on-demand power. Our breakthrough system uses compressed air and thermal energy storage to achieve costs that are 30-40% lower than the cheapest batteries currently available, with long-lasting, proven industrial components that can largely be bought off the shelf.
To learn more, go to cheesecakeenergy.com or get in touch at email@example.com
Nottingham Technology Ventures Ltd (NTV) manages the University of Nottingham’s spin-out portfolio. It is responsible for the formation of new spin-outs, supporting existing companies and investments from the University’s seed stage Pathfinder Fund and £5m Invention Fund. NTV is a wholly owned subsidiary of the University.
Notes to editors:
The University of Nottingham
Ranked 18th in the UK by the QS World University Rankings 2023, University of Nottingham is a founding member of Russell Group of research-intensive universities. Studying at the University of Nottingham is a life-changing experience, and we pride ourselves on unlocking the potential of our students. We have a pioneering spirit, expressed in the vision of our founder Sir Jesse Boot, which has seen us lead the way in establishing campuses in China and Malaysia - part of a globally connected network of education, research and industrial engagement.
The University is among the best universities in the UK for the strength of our research, positioned seventh for research power in the UK according to REF 2021. The birthplace of discoveries such as MRI and ibuprofen, our innovations transform lives and tackle global problems such as sustainable food supplies, ending modern slavery, developing greener transport, and reducing reliance on fossil fuels.The University is a major employer and industry partner - locally and globally - and our graduates are the second most targeted by the UK's top employers, according to The Graduate Market in 2022 report by High Fliers Research.
We lead the Universities for Nottingham initiative, in partnership with Nottingham Trent University, a pioneering collaboration between the city’s two world-class institutions to improve levels of prosperity, opportunity, sustainability, health and wellbeing for residents in the city and region we are proud to call home.