A ground-breaking scheme in north-west England is aiming to demonstrate that turning air into liquid can serve as an effective and sustainable method of storing energy.
The pioneering project, based in what is described as the world’s first full scale liquid air plant near a landfill site in Bury, aims to help electricity grids cope with increasing levels of wind and solar power.
The scheme uses excess or off-peak electricity to cool air to -196 degrees centigrade, transforming it into liquid form before storing it inside large metal tanks. A process of pumping and heating turns it back into gas, which is then used to turn a turbine and generate electricity.
The technology, developed by energy storage company Highview Power, doesn’t burn the gas or release emissions, and is being hailed as a cheaper and longer-lasting alternative to lithium-ion batteries.
Mark Kozo, Head of Marketing at Portman Asset Finance, said: “We love to see projects like this where companies put faith in their abilities and ambition to innovate, especially when it comes to renewable energy.
“For example, we recently arranged finance on behalf of a farmer client that enabled them to invest in anaerobic digestion, a series of biological processes where microorganisms break down biodegradable material to manage waste and sewage sludge, reducing the emission of landfill gas into the atmosphere. The nutrient-rich digestate material produced can be used to as a fertiliser.
“The best thing about using asset finance for investments such as this is that you can get whatever equipment and machinery you need straight away without making a significant dent in your cashflow. Flexible repayment terms are available, and costs can be offset against tax.”
If you’d like to discuss securing the investment your renewable energy business needs, or if you are an entrepreneur aiming to start such an enterprise, call one of our expert Account Managers on 01604 321 995. You can discover more about our finance products here.