Investor Presentaiton
Thermal storage is cost competitive with fossil heat when
including carbon tax or at low electricity costs
McKinsey/LDES: Comparing the LCOH for fossil-based and renewable solutions
2022
CO2 emissions cost
Heating element
Storage
Fuel
Other costs (electrolyzer, ccs, etc)
Levelized cost of heat for selected technologies¹, $/MWh
2.1 $/kg of H2
Electrolyzer
CCS³
Thermal
storage
X
tCO₂/MWh
Reference
slide from
MCK/LDES
Heat pump-based technologies are limited
in maximum output temperature that can
be handled by a compressor; they also
require heat source as input
0
Thermal
storage
Heat Pump with
MVR and
thermal storage
0
Heatcube
■ Able to serve medium to
high temperature
industrial heat demand
■ Gives access to lowest
possible power prices
Heat pump technologies
■ Limited in maximum
output temperature (low
temperature heat)
■ Heat source as input
Gas boiler
Electric boiler w/
RES and battery
Hydrogen boiler
Biomass boiler² Gas boiler with CCS
Electric boiler
RES and
thermal storage
Heat Pump with
MVR and battery
0
0
0
0.03
0
0.19
1.
Steam production
2. Biofuels cost vary regionally and can have a very broad range
3. CCS @ 108 USD/tCO2
Source: Net Zero Heat storage business case calculation, LDES Council Net Zero Heat storage industry benchmark 2022
DIS
8
Heatcube™ is the most mature and among the lowest cost solutions based on thermal storage
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