Convergent Energy + Power, a US-Canadian project developer which has attracted investment from the venture capital arm of Statoil, has acquired 40MW of flywheel energy storage already in operation in grid-balancing markets in New York State and Pennsylvania.
Efforts to modernise New York’s grid would be best served by adding 2GW of multi-hour energy storage by 2025 and 4GW by 2030, and enable the achievement of renewable energy targets, according to NY BEST.
