Long Duration Energy Storage Council Announces Inaugural Board
April 28, 2022 – BRUSSELS – The Long Duration Energy Storage Council (“The Council”) announced today the organization’s first elected Board of Directors. This development coincides with its incorporation in Brussels, Belgium and the release last year of its seminal report on the necessity of storage technologies providing intra- and inter-day flexibility to manage a net-zero power system.
The Council launched in late 2021 at COP26 to provide governments, grid operators, utilities and large energy users with information, financial models, and regulatory frameworks with the aim of enabling the global deployment of long duration energy storage (LDES). The Board of Directors will set the long-term vision for the Council, determine research priorities, and steer its strategy.
The Directors were nominated by the Council’s membership, which is comprised of executives of LDES technology providers, equipment providers, renewable energy companies, utilities, grid operators, investors and end-use customers. The approved slate represents the broad spectrum of experience in the field, the rich depth of knowledge present, and a well-rounded diverse set of backgrounds and technologies. The new Board Members include: • Michael Geyer of Malta (co-president) • Frank Wouters of Reliance Industries Limited (co-president) • Rune Sonne Bundgaard-Jørgensen of Ørsted • Jim Cabot of Breakthrough Energy • Eric Dresselhuys of ESS • Nigel Jenvey of Baker Hughes • Upma Koul of Sumitomo SHI FW • Letizia Magaldi of Magaldi Green Energy • Patrick McClughan of Corre Energy • Steve Reynish of Enlighten • Joe Zhou of Quidnet Energy
The Board of Directors will also weigh in on the selection process for the LDES Council’s Executive Director position, which is expected to be completed by May.
“I’m honored to be part of this impressive and well-represented group and surrounded by such incredible talent,” said Frank Wouters, Senior Vice President of Reliance Industries Limited. “This is a huge step forward not just for the Council but for our ability to advance the energy storage sector as a whole.”
“The world needs immediate and widespread deployment of long duration energy storage technologies if we are to reduce emissions at a scale that will limit global warming,” said Michael Geyer, Senior Technical Advisor for Malta Inc. “As a Board Member for the LDES Council, this will be my focus as we collectively drive these technologies forward and build our clean energy future together.”
Even prior to the election of Directors, Council Working Groups have undertaken a rigorous slate of activity, launching the Council five months ago and establishing working groups on 24/7 Clean PPAs (round-the-clock, firm, green power models), Net Zero Heat, Net Zero Mining, among others. “Long duration energy storage is the lynchpin to both enable the widespread deployment of renewable energy and to ensure our essential modern grids can be reliable, resilient, and secure all-day, every day,” concluded Wouters.
About the LDES Council
The LDES Council is a global, executive-led non-profit membership organization, comprising technology providers, equipment providers, renewable energy companies, utilities, grid operators, investors, and end-consumers. It strives to accelerate decarbonization of the energy system at lowest cost to society by driving innovation, commercialization and deployment of long duration energy storage. The LDES Council provides fact-based guidance and information to governments, industry and broader society, drawing from the experience of its members which include leading energy companies, technology providers, investors and end-users.
In 2022, the LDES Council is prioritizing research into a number of decarbonization topics, led by Working Groups formed from member company representation. Below a summary of the 2022 Working Groups:
24/7 Clean Power Purchase Agreements (PPAs): There is growing demand for “24/7 Clean PPAs” which are both a key to driving full grid decarbonization and managing price volatility risks. LDES technologies are a core enabler of cost-efficient round-the-clock clean power. This working group brings together energy consumers, power producers, and technology providers to unlock and accelerate the delivery of 24/7 Clean PPAs.
Net-zero heat: Heat decarbonization is poorly understood and underrepresented in global efforts despite constituting nearly half of global energy consumption. A comprehensive fact-base on net-zero heat along with a standardized perspective on heat decarbonization pathways and cost benchmarking will help illustrate the market potential of thermal LDES technologies, and improve optimization of energy systems overall through coupling of power, heat, and hydrogen.
Regulatory and policy toolbox: LDES will have a key role to play in delivering a net-zero carbon and secure energy future. However, policy support is required to scale the industry and deliver this dual imperative. This working group focuses on detailing a set of policy and regulatory tools that could be implemented to accelerate commercial maturity of the LDES sector.
Financing vehicle: The LDES Council is creating two vehicles to support the deployment of first-of-a-kind, long duration storage projects. The objective is to accelerate the commercialization of LDES technology. The Council has received strong interest from existing members in 1) creating a platform to function as a marketplace to match off-takers, developers/providers of storage technologies and equipment, and investors, as well as 2) launching an equity fund to provide catalytic capital to a portfolio of LDES projects and access to shared learnings across a number of performance metrics.
Other working groups under formation include net-zero mining, T&D optimization, and the optimization of Germany’s power system.
Media Contact: media@LDESCouncil.com