Alfa Laval has entered into a strategic joint venture agreement with Aalborg CSP, a concentrated solar power technology company, and will join forces on the development of Long Duration Energy Storage (LDES) solutions.
In short:
Energy efficiency and renewables are vital for decarbonization, with solar PV (Photo Voltaic) and wind expected to double in the next five years.
Energy storage is critical to ensure grid stability, and the needed global energy storage investments are projected by IEA, IRENA, LDES Council, and others, to ramp-up to very high levels before 2030.
Alfa Laval and Aalborg CSP’s collaboration aims to enhance competence, product development, and application knowledge in molten salt heat exchanger technology to drive the advancement of long duration energy storage heat exchanger solutions.
Thomas Møller, President of the Energy Division at Alfa Laval, comments, "By joining forces with Aalborg CSP, we are taking a significant step towards achieving our shared vision of a sustainable energy future. Together, we will drive the development of cutting-edge long duration energy storage solutions, in the belief that to solve some of the big challenges we are facing, we need to combine knowledge and resources."
Svante Bundgaard, CEO of Aalborg CSP adds, “The renewable energy system of the future requires long duration energy storage to capture, store and integrate renewable energy sources in a 100 percent sustainable energy system. By partnering with Alfa Laval, we have found the ideal partner for further scaling of our business to meet the increasing demand for sustainable energy storage solutions.”
The joint venture, that will be named Alfa Laval Aalborg Header-coil A/S, will allow Alfa Laval to expand its expertise and product offerings in molten salt heat exchanger technology. The signing of the joint venture agreement between Alfa Laval and Aalborg CSP took place in May, marking an important milestone in their pursuit of innovative and efficient energy storage technologies.
More information
According to the International Energy Agency (IEA), energy efficiency and renewables play a vital role in achieving the targets set forth in the Paris Agreement. As part of the decarbonization process, solar photo voltaic (PV) and wind energy are projected to more than double in the next five years, contributing nearly 20 percent of global power generation by 2027.
Solar PV and wind, being intermittent renewable energy sources, pose challenges as they are not consistently available to meet peak demand.
Global installed storage capacity is forecasted to grow rapidly, driven by the growing demand for system flexibility and the integration of variable renewable energy (VRE) into power systems worldwide, according to IEA forecasts.
