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Cheesecake Energy receives investment from the University of Nottingham
The new funding is part of a continuing partnership between the University of Nottingham and Cheesecake Energy and represents a 'vote of confidence' in the potential of the company's breakthrough technology.
Cheesecake Energy Limited is a fast-growing startup developing energy storage at 30-40% lower cost than the current market leader, lithium ion batteries. Its system uses compressed air and thermal energy storage to achieve high efficiency, long lifetime and dramatically lower environmental impact.
Founded in 2016, the company has already established itself within the Nottingham, and wider East Midlands energy ecosystem — having secured initial interest from local councils and bus services for pilot programmes. The company is currently designing a 150 kW / 750 kWh prototype system for completion in Q4 2020 which will be deployed with a local bus depot for charging of electric buses using renewable energy.
Commenting on the investment, Cheesecake Energy's CEO Mike Simpson said: "We're delighted that the University of Nottingham shares our belief in the potential of the CEL technology and is continuing to show climate leadership by investing to help us deliver affordable and sustainable energy storage."
The announcement comes as the University of Nottingham furthers its commitment to environmental sustainability. Dr Andrew Naylor, CEO of Nottingham Technology Ventures, commented: "We're excited by the potential of Cheesecake Energy's technology to reduce the cost of energy storage as the world moves towards cleaner methods of energy production."
About Cheesecake Energy: Cheesecake Energy is lowering the cost of long-duration energy storage, turning renewable energy sources like wind and solar into reliable, on-demand power. Our breakthrough system uses compressed air and thermal energy storage to achieve costs that are 30-40% lower than the cheapest batteries currently available, with long-lasting, proven industrial components that can largely be bought off the shelf.
To learn more about what we're doing, go to cheesecakeenergy.com (https://www.cheesecakeenergy.com/
About Nottingham Technology Ventures: Nottingham Technology Ventures Ltd (NTV) manages the University of Nottingham's spin-out portfolio. It is responsible for the formation of new spin-outs, supporting existing companies and investments from the University's seed stage Pathfinder Fund and £5m Invention Fund. NTV is a wholly owned subsidiary of the University. www.nottinghamtechventures.com