Project Progress Update
Sydney, Mar 19, 2024 AEST (ABN Newswire) - The Endless Solar Corporation Limited (
NSX:ESCLV) is pleased to announce receipt of the Endless Energy Solutions (EES)- Project Update, from EES Chairman Mr. Andrew Hynson.
Cool Solar - Project Update March 2024
Background
The Cool Solar technology was originally developed by Dr. Mike Dennis at the Australian National University (ANU). The technology has been demonstrated successfully in the laboratory at the ANU. Endless Solar's current patents are the result of that laboratory research program. The advent of an improved design plus low-cost 3D metal printing has enabled the commercialisation program to proceed. In addition, the design of the system has been optimised for the latest technology refrigerant low Global Warming Potential (GWP <1) HFO-1234yf.
Australia's energy demand is increasing however there is very little investment in dispatchable power. Cool Solar will be able to deploy demand side dispatchable capacity at grid scale but without the approval delays associated with current grid scale renewable energy projects.
Additionally, increasing energy costs and the continuing reduction of solar feed in tariffs provides incentive for consumers to seek greater independence from electricity providers. Cool Solar is well placed to provide consumers with choice.
What Cool Solar Does
The Cool Solar technology is distributed infrastructure designed to make every site where it is deployed significantly less reliant on the energy grid. The target is to achieve 80% reduction in heating/cooling energy and hot water costs for every site. For a medium sized house in Melbourne with 3 to 4 people the saving over a year would be around 24kWh per day (averaged over a year).
Engineering Prototype Status
The engineering development prototype is now in commissioning phase:
- Water side system complete.
- Refrigerant plumbing complete.
- Electronically controlled ejector complete.
- Electrical control system and instrumentation complete.
- Commissioning and safety testing is the next phase.
Simulation Models
Static and dynamic simulation models are complete and ready for tuning based on the test rig performance data.
Potential Impact
As an indirect comparison, 1.3M to 1.4M installations would be of the order of magnitude of Victoria's Loy Yang A power station. Loy Yang A is rated at 2200MW and is scheduled to close in 2035. Loy Yang A produces around one third of Victoria's electricity.
Each Cool Solar installation reduces the demand on the grid. Unlike other renewable energy solutions, Cool Solar does not drive any investment or upgrades to the existing electrical infrastructure and distribution system (poles and wires).
Total Available Market Size
The Cool Solar system is a modular design. The base module is intended for residential buildings, regular street retail and small office-warehouse sites. Arrays of modules can be used for larger sites such as schools, larger retail and factory sites.
Australia
The Australian Total Available Market (TAM) is estimated to be in excess of 8-10 million sites.
Rest of World
Estimating the TAM for the markets in which Endless Solar have patents is challenging. As an indication of market size and growth, according to the International Energy Agency, the global stock of air conditioners in buildings will grow to 5.6 billion by 2050, up from 1.6 billion in 2018 - which amounts to 10 new ACs sold every second for the next 30 years.
Contact
Mr David Craig
T: +61 (0)419 384 059
E: dhacraig@endless-solar.com.au
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