PSEG Global and Michael Nakhamkin, who designed the only compressed air-storage facility in the U.S., announced that they are forming a joint venture called Energy Storage and Power and will invest $20 million over the next three years to develop an underground compressed-air storage system for wind turbines and other power sources, CNET reports.
Compressed Air Energy Storage (CAES) pumps air underground in places like depleted natural gas wells or salt caverns. The pressured air is then released later to drive a turbine to generate electricity. The system is capable of storing energy for several hours or even days, allowing utilities to deliver electricity during peak hours, when the demand and price for electricity is at its highest.
Other companies are also designing system to save wind power for later, such as General Compression, which is designing a wind turbine that has a compressor built into the nacelle. The machine will be tested in the next few years.
Last year, General Compression was nameda top 100 innovative green tech company.