Cache Energy Awarded DOE Successful Energy Innovations Prize
Cache Energy, an EnterpriseWorks startup, has been awarded the Successful Energy Storage Innovations Prize from the Department of Energy (DOE).
The Energy Storage Innovations Prize program is one of several DOE initiatives designed to recognize outstanding energy storage innovators from across the nation which can ensure U.S energy security and self-reliance. Cache Energy was chosen from among some of the best energy innovation projects in the nation to win this recognition and the $10,000 prize.
“The award gives us the highest possible recognition through the dept of energy recognizing the potential of our grid scale technology.” – Arpit Dwivedi, Cache CEO
Their patented method of adding storage to existing electricity grids was the driving factor in their selection. Cache Energy is developing a heat battery that can store energy as heat indefinitely and release when needed, either as heat or electricity. This technology can store grid electricity cheaply on a large scale. It can also enable a transition to renewable energy by helping industries move away from fossil fuel and allowing wastewater treatment plants and landfills to store the energy of biogas released, which otherwise is primarily wasted.
This innovative technology could have a monumental impact on the nation’s energy supply.
In their 2023 Short-Term Energy Outlook, the U.S. Energy Information Administration (EIA) forecast that crude oil production in the United States will average 12.4 million barrels per day (b/d) in 2023 and 12.8 million b/d in 2024, surpassing the previous record of 12.3 million b/d set in 2019.
With Cache Energy’s patented method of adding energy storage to existing electricity grids, they are paving the way for better use of renewable energy sources. Utilities across the country are taking note of the potential this technology has to reduce energy costs and increase energy efficiency. It could also prove to be a bridge to tougher energy standards in the near future.
Cache Energy’s innovative technology is a win-win for both the utility industry and consumers. It may eventually revolutionize the way in which utilities store and deliver energy, and also reduce reliance on more expensive energy sources like gas and coal. They are also the only company from Illinois to win the award this year, and also are one of the youngest recipients of the award.
Congratulations to Cache Energy on their outstanding award, and we are looking forward to seeing what the future may hold for their pioneering technology.