STORY project receives EU funding for research into energy storage
The STORY research project proposal by the Vlerick Energy Centre has been approved for EU research funding within Horizon 2020, the EU Framework Programme for Research and Innovation. Professor Leonardo Meeus will be investigating the added value of electricity and heat storage in distribution systems. For this research project he joined forces with Marketing Professor Marion Debruyne and Innovation Professor Bart Leten. Together they will investigate the regulatory impact of this technology as well as the impact on the market and business models.
Leonardo Meeus, professor of Energy Markets and Director of the Future Power Grid Managers programme at Vlerick Business School: “The decreasing costs of storage technologies are a potential game changer for the electricity industry because the whole industry has been organised based on the assumption that storage is only available in some areas of Europe that have access to (pumped) hydro power. There are not many industries where everything we consume is instantly produced and transported, whenever we decide to consume it. Over the next 5 years STORY will test these storage technologies via 8 demonstrations in 5 different member states, being Belgium, Germany, Northern Ireland, Spain and Slovenia. We will cover both industrial as well as residential environments and we will provide recommendations to policy makers to facilitate their market uptake. The Vlerick Energy Centre is coordinating the work package on business feasibility, and market and regulatory models.”
The EU Framework Programme for Research and Innovation
Horizon 2020 is the biggest EU Research and Innovation programme ever with nearly €80 billion of funding available over 7 years (2014 to 2020) – in addition to the private investment that this money will attract. It promises more breakthroughs, discoveries and world-firsts by taking great ideas from the lab to the market.