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Cetegen makes a final point in favour of liquid air energy storage: it’s cheap. Energy storage technologies are often assessed using a metric called the “levelised cost of storage”, which estimates how much each unit of stored energy costs over the lifespan of the project. For liquid air, this can be as low as $45 (£34) per megawatt-hour – compared to $120 (£89) for pumped hydro and $175 (£130) for lithium-ion batteries.
“While none of these storage methods are likely economically viable right now without policy support, liquid air energy storage stands out as a particularly cost-effective option for large-scale storage,” Cotegen says.
Ultimately, Butland expects electricity grids to rely on a mix of storage technologies. Pumped hydro is extremely effective and works for decades, but it’s location-dependent because it needs a water supply. Meanwhile, batteries are highly efficient and can be placed anywhere, but need to be replaced after about 10 years. Liquid air has the advantage that it can store energy for longer than batteries, with minimal losses.
As any country enters the green transition, its electricity grid needs to be remodelled to cope. “We’re rebuilding all grids globally, based on new generation,” says Butland. And that could well mean a lot of liquid air energy storage.
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