UK-based energy storage company RheEnergise has been awarded a £2.15 million (€2.5 million) grant from the European Innovation Council (EIC) Accelerator to support research and development of its long-duration energy storage (LDES) technology.
RheEnergise is the only LDES company to receive EIC funding in this round and one of only three UK companies to secure a grant. The other two UK recipients are working in advanced computing and health. In total, 40 companies from across Europe received funding, with a combined total of nearly €230 million. The selected companies operate in sectors including health, space, IT, and energy.
The announcement comes as RheEnergise begins an investor roadshow in Canada, where most of its engineering team is based.
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 company’s demonstrator plant, located in Cornwood near Plymouth, has received additional support from the UK Department of Energy Security & Net Zero. RheEnergise also has agreements to deploy its technology in the UK, South America, Australia, and mainland Europe.
The EIC grant awards remain subject to the Council’s due diligence process.
