The two companies have started working together to identify sites and develop HD Hydro projects in Italy, with plans to rapidly expand to other European markets. Ikigai brings its experience developing and attracting investment for storage projects while RheEnergise brings the technology solution and engineering.
HD Hydro is based on traditional pumped energy storage technology but rather than using water, a high-density fluid which is 2.5x denser than water is used in a closed loop. This means the technology needs around 40 percent of the height of a water-based systems for the same output, opening up hills, mines and brownfield sites rather than mountains.
“This partnership reflects the ambition of our UK–Italy Clean Power for Growth agenda: translating innovation and commercial cooperation into greater energy security, economic opportunities and practical benefits for both our countries” said Stephen Hickey CMG, British Ambassador to Italy and San Marino, commenting on the partnership, which builds on £8.24 million of UK Government funding for RheEnergise through the Longer Duration Energy Storage Demonstration Programme. “By combining RheEnergise’s British technology with Ikigai’s development experience in Italy, it offers a practical way to advance those shared priorities.”
Ikigai sees HD Hydro as a cost-effective way to add long-duration storage in Italy and the rest of Europe. RheEnergise will draw on Ikigai's market and project development experience, and the two companies aim to build a pipeline of projects together with the aim of attracting the right investors to support the rollout of these projects in European markets where long-duration storage is fundamental to the support the grid network of the future.
“Developing a 2.8 GW BESS pipeline across Italy gives us first-hand insight into what it takes to deliver successful projects, supported by strong relationships with key stakeholders, including MASE and Terna” added Roberto Castiglioni, Co-founder and CEO at Ikigai. “As Italy’s wind and solar capacity grows, so does the need for long-duration storage. Together with RheEnergise, we are identifying sites with suitable topography and viable grid connections, ideally alongside wind farms, with commercial viability and bankability guiding our approach from the outset.”
“We are delighted to be partnering with Ikigai to bring HD Hydro at scale to Italy and Europe” said Stephen Crosher, Chief Executive of RheEnergise. “Ikigai’s project development experience and deep knowledge of European markets will be a real asset to the RheEnergise team. Our HD Hydro technology provides long duration energy storage, it proves a route to 24/7 power from wind and solar, a vitally important step to create a 100% renewable energy system. We are delighted that Ikigai recognise the benefits that our solution provides and share our confidence in the strength of our innovation. Together we are tackling one of the largest opportunities in the energy sector, delivering best-in-class economics, lowering bills for consumers. It is an exciting time.”
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