Energy start-ups’ contribution to reducing scope 2 emissions
Firstly, a little bit of background on scope emissions…
Scope 1, 2 and 3 is a way of categorising the different kinds of carbon emissions an organisation creates in its own operations, and in its wider value chain. The term first appeared in the late 1990’s / early 2000’s and today, scopes are the basis for Green House Gas (“GHG”) reporting.
Think of it in terms of three categories of emissions;
Scope 1 emissions— are the emissions that an organisation makes directly — for example while running its facilities and vehicles.
Scope 2 emissions — these are the emissions an organisation makes indirectly from the generation of purchased energy.
Scope 3 emissions — this category covers the other indirect emissions associated, not with the organisation itself, but that the organisation is indirectly responsible for, throughout its value chain. For example, from its supply chain, buying products from suppliers, and from its products when customers use them.
The role of energy start-ups in reducing scope 2 emissions
Energy start-ups have a critical role to play in reducing scope 2 emissions. With their innovative solutions and technologies, energy start-ups offer new ways to generate and distribute energy that are more sustainable and efficient. By collaborating with energy start-ups, businesses can reduce their carbon footprint and decrease energy costs.
There are many ways that energy start-ups can help to address scope 2 emissions and we’ve included some example companies below:
Energy startups can help businesses reduce their energy consumption by identifying ways to improve energy efficiency. This may include innovative technologies for energy-saving building systems or more efficient lighting and HVAC (Heating, Ventilation & Air Conditioning systems).
Fuergy, is a young company, based in the Slovak Republic, that builds smart energy management systems, incorporating a mix of hardware and software solutions to tackle energy optimisation and efficiency. The company has developed its own AI-powered smart battery storage solution which helps to lower energy bills, provide protection against power-outages and can help organisations be energy self-sufficient.
Energy startups are focused on developing and scaling renewable energy sources such as solar, wind, and hydro. By collaborating with renewable energy startups, businesses can reduce their reliance on fossil fuels and reduce their carbon footprint.
WaveX have developed nearshore wave energy conversion devices, operating mostly under the sand, to harness wave energy. The energy conversion devices can produce carbon-free electricity all year round with no visual impact. They can adapt to large tidal ranges and be installed close to the shore, simplifying their connection to the grid and to local businesses. Wave energy could be a key part of the transition from fossil fuels to renewables, but previous attempts to harness it have been too costly and unreliable. WaveX uses energy converters that can be installed by embedding flexible structures under the seabed. This makes the converters more reliable as they are protected from storms and could significantly reduce costs, as large metallic support structures are replaced by the seabed itself.
One of the challenges of renewable energy is that it can be intermittent. Energy startups are developing new energy storage technologies that can help to harness and store renewable energy for use at a later time, increasing the reliability and stability of renewable energy sources.
Energy Dome is a young, innovative company based in Milan, Italy, founded in February 2020. The company is focussed on providing long-duration energy storage solutions, by making solar and wind power dispatchable using their CO2 Battery. The company’s proprietary technology is based on a thermodynamic process that uses CO2 to store electricity cost-effectively with unprecedented round-trip efficiencies. With the technology it is possible to store large quantities of energy for long periods of time anywhere without any site dependency and deliver all the typical services of utility-scale storage systems, including grid regulation services, maximizing investment returns for customers.
Energy startups are also developing smart grid solutions that can better manage energy distribution and consumption. These solutions can help businesses to optimize their energy use and reduce their energy costs.
Heimdall Power, a young Norwegian company, offers a solution to support data-driven decision-making for operations and planning of high-voltage power lines, with the objective of increasing grid capacity. The company has developed intelligent multi-vector sensors (neurons) that measures a wide range of parameters (conductor temperature, ampere, angle, vibrations, etc.) on overhead power lines (7 kV – 550 kV) and present the insights in a web-based software solution. Based on the models the company has created, available capacity is identified which allows deferring large grid investment costs and maximize the renewable energy from intermittent sources such as wind & solar onto the grid. The company’s proprietary software creates relevant power line forecasts, minimizes blackouts and makes maintenance more effective.
The example companies above, are just a small selection of the many young companies we have recently come across in the energy sector, and there are lots of others out there. This is an exciting sector with lots of innovation helping tackle the climate crisis as well as providing practical options. A space to watch!
What next for the energy start-up sector?
By supporting innovation in the energy start-up sector, governments and businesses can drive technological advancements that reduce emissions and improve sustainability. Investing in energy start-ups can also lead to decreased energy costs and a smaller carbon footprint. It’s essential that governments and business work together to find new ways to address scope 2 emissions and invest in the technologies and solutions that will help to achieve a more sustainable future.
How can Strategic Allies Help?
Strategic Allies works with multinational manufacturing companies, across all sectors, who are seeking differentiation through partners with innovative technologies and solutions for their products and services. If you’d like to find out more about how we can help you to explore and exploit new markets and/or offer opportunities to differentiate your offerings, please contact John Allies at firstname.lastname@example.org