Joint Venture Announced to Market and Deploy Next Generation Compressed Air Energy Storage (CAES) Plants

PSEG Global LLC and energy storage pioneer Dr. Michael Nakhamkin today announced they have formed Energy Storage and Power LLC (ES&P), a joint venture to exclusively market, license, support the development and supervise project execution of the second generation of Compressed Air Energy Storage (CAES) technology.

CAES technology stores off-peak energy, in the form of compressed air in an underground reservoir and releases this energy during peak hours. CAES can be used for load management of intermittent renewable energy resources or as a stand-alone intermediate generation source for capturing energy arbitrage, capacity payments and ancillary services. read more

Source: PSEG Global