$2.5m funding for refrigeration battery
3rd August 2016
USA: Axiom Exergy, a California-based developer of thermal energy storage systems, has raised $2.5m towards the development of its Refrigeration Battery for grocery stores and cold storage facilities.
Axiom Exergy’s Refrigeration Battery is said to have the potential for supermarkets and food distribution centres to reduce their peak energy demand by up to 40%, while also providing power back-up during power outages.
“The Axiom Exergy team has deftly reimagined what it means to supply energy storage by developing a robust, cost-effective solution specifically for markets where saving energy costs has a big impact on the bottom line,” said Lars Johansson, co-manager of the Element 8 Fund. “We’re proud to be funding this talented and dedicated team, whose vision is bringing intelligent energy storage solutions to an underserved market.”
The technology works by using the existing refrigeration system’s excess capacity to freeze freezing a tank of brine. Described as a non-invasive, modular, retrofit, the Refrigeration Battery operates in parallel with existing refrigeration systems to shift daytime energy loads to less expensive off-peak hours.
“Central refrigeration accounts for 9.1% of electricity consumption in US commercial buildings,” says Amrit Robbins, president and co-founder of Axiom Exergy. “Energy storage for addressing peak demand needs, load shifting and backup power is critical for this multi-billion-dollar slice of the energy pie. We’re very excited to find so many blue-chip supermarket chains and electrical utilities that share our vision of transforming refrigeration systems into flexible, intelligent energy assets.”
