General Compression and SustainX, both fuel-free compressed air energy storage (CAES) technology developers, have entered into a letter of intent to merge their businesses into a new entity, GCX Energy Storage.
By combining CAES technology, GCX Energy Storage will offer a market disrupting long-duration energy storage solution at a cost per kilowatt-hour stored.
"Unlike other energy storage technologies, our ability to optimize power and energy and provide fuel-free long-duration storage (10-200 hours) should enable GCX to firm renewables, economically solve multiple grid related problems, and address transmission constraints. We believe a strong market exists for low-cost and long-duration energy storage in Asia, North America, and Europe,” said Joe Cofelice, chief executive officer (CEO) of General Compression.
Cofelice and Tom Zarrella, CEO of SustainX, will remain active at GCX Energy Storage. Cofelice will become the CEO of the combined entity, while Zarrella will assume a Board of Director role.
The merger is subject to certain conditions and approvals.
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