247Solar Inc., developers of the breakthrough 247Solar Plant™, today announced that it has been granted a patent in Australia for its innovative 3rd-generation Concentrated Solar Power (CSP) technology with low-cost thermal energy storage.
With this development, 247Solar now holds patents for its turnkey, modular CSP system in the United States, China, Morocco and Australia. An additional fourteen applications are pending in various stages, covering all major CSP markets worldwide.
Australia, the world’s ninth-largest producer of solar power with an installed capacity of 5.9 gigawatts (Source: IEA-2016) is spending hundreds of millions of dollars on batteries to try to accommodate the intermittent power output of wind and PV. 247Solar’s proprietary energy storage system stores solar energy as heat instead of electricity for less than 5% the cost of batteries.
“With costs that are competitive with PV plus batteries today and coal at scale,” says 247Solar CEO Bruce Anderson, “our baseload, 24/7 technology offers Australia an unprecedented opportunity to meet its renewable energy goals and its 2030 emissions targets at affordable costs while adding remarkable resiliency to the grid.”
About 247Solar Inc.
247Solar, Inc. was formed in 2015 by solar industry pioneer Bruce Anderson to commercialize the 247Solar Plant™, invented by Wilson Solarpower Corp., a spinoff of MIT, and developed with funding support from the US Department of Energy. The company has signed agreements to develop and deploy its technology in China and South Africa, and is in advanced negotiations with companies throughout the world, including India, Northern Africa and the UAE. For more information see www.247Solar.com
About 247Solar Plants™:
The 247Solar Plant™ is a game-changing system for firmly-dispatchable, 24/7 power generation and energy storage using concentrated solar power (CSP) technology. It has the potential to produce electricity competitively, without subsidies, with virtually all other new power generation facilities, including fossil, nuclear, or renewable resources.
The technology was originated at MIT, and the US Department of Energy provided funding to develop it with the help of the German Aerospace Center (DLR), WorleyParsons, Fraunhofer Institute, and Saint Gobain.
The 247Solar Plant converts sunlight to heat, which powers turbines to produce electricity. Its proprietary storage system stores energy as heat at a fraction of the cost of batteries, enabling un-interrupted operation. It operates at atmospheric pressure and uses no water/steam, oils or molten salts for reduced complexity, lower cost and minimal environmental impact.
247Solar Plants are quickly assembled and easy to maintain, employing pre-engineered, standardized modules that have few moving parts and use mostly commercially-proven components. Each 247Solar Plant requires as little as 4 acres (16,000 square meters). They can be deployed as a single, off-grid system of 400 kilowatts plus useful process heat, or as large utility-scale farms. 247Solar Plants can be built on uneven ground and have no known environmental drawbacks.
Less expensive to build per kWh than PV, 247Solar Plants can generate electricity as needed, regardless of weather, and improve grid performance by responding instantly to fluctuating power demand. Use of multiple redundant plants in larger systems guarantees 100% uptime. Co-location with PV and wind farms can convert entire facilities from intermittent output to reliable power 24/7/365.