Unlocking the Potential of Offshore Wind

Renewable energy solutions are on the rise in Aotearoa NZ, however the variability of intermittent generation presents a critical challenge: how to store excess energy for later use to smooth out fluctuations.

EHF Fellow Tim Hawkey is addressing this challenge through EnergyBank’s next generation of energy storage technology, supported by fellow EHF Fellows Geoff Sharples, who sits on the commercial advisory board, and Aaron Bird, who connected Tim with Version One, one of EnergyBank’s key investors. 

Tim says:

“Economically storing renewable energy for longer periods of time remains as one of the last technology challenges in competitively decarbonising our electricity systems.”

Solving critical challenges

Tim is an NZ-based entrepreneur deeply embedded in the energy and renewable energy sector, seeking to revolutionise the wind power sector with EnergyBank’s cutting-edge energy storage solution. Tim’s ambition stems from a determination to solve significant challenges, inspired by the global potential for creating sustainable energy solutions. His quest for a meaningful problem to solve led him to focus on energy storage, and he believes EnergyBank is at the forefront of addressing one of the modern world's most pressing challenges: achieving sustainable and reliable energy.

EnergyBank carefully analysed where it could make the most significant impact in the renewable energy sector. With rapid growth in the global offshore wind industry, the company shifted its focus to develop technology that maximises the potential of wind power. Tim explains that compared to solar supplying 2% of US electricity generation, as an example, wind power currently supplies about 10%, is highly scalable, has the highest capacity factors among intermittent renewables, and offers the largest value proposition for long-duration energy storage. 

EnergyBank’s nano prototype being launched for testing in Lake Taupo

Innovating the Solution

In simple terms, the EnergyBank storage solution uses excess energy from a wind turbine to compress air in a riser pipe and store it in pressure-balanced reservoirs near the ocean floor. When needed, the stored compressed air is released back through the same riser pipe and converted into electricity. 

There are several interrelated technical innovations that reduce capital, installation, and operating costs for both EnergyBank’s storage and Floating Offshore Wind (FOW) turbines. Tim highlights how the storage solution enhances FOW projects by enabling stable, reliable power generation, which will help secure price premiums for consistent power and provide a 30-year market hedge. This financial stability allows projects to proceed that might otherwise be delayed by supply chain or transmission constraints.

Testing in Taranaki

Energybank’s concept and potential was recognised in its first fundraising round in 2021, which attracted significant interest from venture capitalists, securing NZ $2.8 million. EnergyBank's rapid progression from concept to prototype and its ongoing market simulations indicate the venture’s commitment to addressing the challenge of energy storage capacity, ensuring their solution meets real-world demands.

EnergyBank has now begun to focus on offshore markets - in particular Norway - where Tim notes government and industry are leading the global offshore renewable technology push.

“The level of market interest, momentum and support means EnergyBank is now relocating to be closer to the relevant demand, expertise and capital needed to commercially realise its technology.”

Tim’s work at EnergyBank, drawing on the international expertise and connections of Fellows, showcases the transformative potential of innovative thinking in tackling critical challenges. As the venture moves closer to realising its vision, it not only promises to reshape the renewable energy sector but also serves as an inspiring blueprint for future innovators and entrepreneurs, and illustrates how Aotearoa NZ is creating solutions with global impact.

Tim is part of the Fellow group Manu Tukutuku, which had its Welcome Experience in 2023. Learn more about Tim via the Fellow Directory on our website.

Find out more about Tim’s work at www.energybank.nz

A shorter version of this story appeared in the 2023/24 Hillary Institute & EHF Annual Report on page 23.