Bridgeway GreenTech Applies for DOE Grant to Fund up to 50% of 40kWhr Distributed Flywheel Energy Storage System.
San Rafael, California, September 2, 2009. - (Business Wire) Bridgeway GreenTech, Inc. (“Bridgeway”) announced that on August 26th it applied to the U.S. Department of Energy (DOE) for a $7.8 million grant to support funding of the Company’s 40kWhr distributed flywheel energy storage system.
Bridgeway applied under the Smart Grid Demonstrations program of DOE Funding Opportunity Announcement DE-FOA-0000036, which authorizes approximately $615 million that DOE expects to allocate across seven Areas of Interest. The Company submitted its application under Area of Interest [AOI] 2.5, “Demonstration of Promising Energy Storage Technologies.” DOE anticipates making grant awards within this Area to 5 to 6 applicants totaling an aggregate amount of up to $25 million.
Bridgeway believes its proposal meets or exceeds every DOE grant program performance requirement. These include integration with intermittent renewable energy production at the source, or anywhere on the grid; peak load management of residential complexes, businesses, and the grid; and storage during on-peak generation periods to enhance existing grid assets. As with all such applications, there is no assurance that DOE will approve the grant application, or that if approved, the grant would be for the same amount or on the same terms as requested by the Company.
Bridgeway GreenTech president and CEO, Frederick Schuchardt, commented, “Bridgeway has assembled a world-class development and management team to develop and test a 40 kWhr intelligent Distributed Flywheel Energy Storage (DFES) system. This totally green approach to energy storage will enhance the Smart Grid by taking full advantage of wind and solar micro-grid power generators through micro-grids to provide utilities with time-of-day load balancing options not possible today. For the consumer, this DFES system offers lower costs of electricity by allowing them to take full advantage of distributed generators and the lower costs of Smart Grid power during off peak usage periods. Bridgeway’s intelligent energy storage will integrate these solar and wind power generators with an array of flywheels into the Smart Grid. The resulting micro-grid system will daily optimize the use of energy available from all power sources to intelligently meet the needs of both the consumer and the Smart Grid. We look forward to DOE making its grant awards, which they anticipate will begin in November 2009.”
About the DOE Smart Grid Demonstration Projects
Projects under DOE’s Funding Opportunity Announcement (FOA) will be funded, in whole or in part, with funds appropriated by the American Recovery and Reinvestment Act of 2009 (“Recovery Act”). The goal of the FOA is to encourage regionally unique technology demonstrations to verify the viability of smart grid technology, quantify smart grid costs and benefits, and validate new smart grid business models, at a scale that can be readily adapted and replicated around the country. Consistent with the purpose of the Recovery Act, the DOE is expected to give selection preference to projects that can be completed expeditiously.
These demonstration projects are also intended to support the goals of the Energy Storage Competitiveness Act which includes the accelerated development and strengthening of energy storage manufacturing capabilities of the U.S. and the establishment of regional solutions and best practices in implementing smart grid technologies.
About Bridgeway GreenTech
Bridgeway GreenTech, Inc. designs and develops flywheel energy storage devices (Green Battery™) for long term energy storage. Bridgeway’s Green Battery System will integrate intermittent power sources (IPS), such as solar and wind power, with an array of Green Batteries and a grid-tie intelligent inverter. The system will use all the energy available from the IPS in combination with the energy available from the grid, as well as that stored in the Green Battery System. The Company’s primary business strategy is to design and develop its patented and patent-pending flywheel energy storage technology for Distributed Power Systems, Energy Warehouses, and Extended Uninterruptible Power Systems. For more information, visit www.BridgewayGreenTech.com.
For more information, call 415-336-6298 or email info@bridgewaygreentech.com
