Thermal Storage Is the Overlooked Industrial Play

Thermal energy storage (TES) — storing energy as heat or cold in molten salt, water, ice, or refractory materials — is arguably the most cost-effective storage technology available for industrial and commercial applications. Molten salt storage co-located with concentrated solar power (CSP) has a 20-year track record at Gemasolar and Crescent Dunes. More interestingly, electric resistance heating into thermal mass (e.g., Antora Energy's carbon blocks, Rondo Energy's heat batteries) allows industrial facilities to absorb cheap overnight renewable electricity and discharge as process heat during peak demand. This is a direct decarbonization play for industrial heat — a $1T+ market currently served almost entirely by natural gas combustion.