A Nottingham business that specialises in cutting-edge energy storage has been awarded £ 9.4 million in Government funding.

The funding has been awarded to ‘supercharge’ the businesses and also to contribute towards wider efforts to power more of Britain, from Britain and boost the country’s energy security. Today’s announcement follows the launch of the Government’s Powering Up Britain plan.

The company, Cheesecake Energy, which is based in Nottingham will use the funding to test its FlexiTanker technology. The innovative technology stores electricity using a mix of thermal and compressed air energy storage, using a reversible air compression and expansion train to create a flexible energy system.

The capturing and storing of energy use when and where it is needed is set to play an essential role in powering more of Britain. The funding will allow Cheesecake Energy, which is based at Jubilee Campus, to test and prepare its technology to be ready for the energy market, encouraging private investment and creating new jobs.

When it comes to renewables, there is often more electricity generated than is needed on days that are windy or sunny. Energy storage can soak up the excess energy for later use which may provide energy at a lower cost to consumers.

This flexibility such as the storage and smart charging of electric vehicles could potentially save up to £10 billion per year by 2050. It would reduce the amount of energy and network needed to create a secure, home-grown energy system. Accelerating the uptake of energy storage technology will support the National Grid to balance by activating storage systems instead of asking certain power generation technologies to switch off, further reducing costs to the taxpayer.

Graham Stuart, Minister for Energy Security and Net Zero said,

“Storing energy for longer periods is vital to build a robust and secure energy system and ensure that renewable energy is used efficiently. Fortunately, pioneering businesses like Cheesecake Energy are making their mark on this industry.

“I’m delighted that Nottingham’s FlexiTanker project is receiving government backing to make it a reality – there is a lot of talent in our UK industries and it’s great to see them playing a role in the nation’s energy security.

The FlexiTanker is one of three projects receiving funding today aimed at developing energy storage technologies. It follows £32.8 million funding that was awarded to five UK energy storage prototype projects in November 2022.