About the project
The WiseStorage project aims to develop an innovative web-based solution to optimize the operation of Battery Energy Storage Systems (BESS) installed in buildings and maximize the prosumers’ profit.
A remarkable expansion of Battery Energy Storage Systems (BESS) is expected in smart grids as a way to compensate Renewable Energy Sources (RES) variability and achieve the European Commission climate targets for 40% RES penetration by 2030 and a climate neutral economy by 2050. According to experts, the installed capacity of BESS in Europe will grow from 11 GWh to 181-421 GWh by 2030.
Capturing the momentum, this project will exploit the tremendous growth of BESS market by focusing on the development of a cost-effective solution based on Information and Communication Technology for optimizing the energy use in buildings and increasing the penetration of RES. This project enables the establishment of a startup company with international orientation to commercialize the proposed competitive solution, which can create extra marginal profit for prosumers.
The key objectives of the WiseStorasge project are the followings:
- Perform market analysis and prepare a business plan for exploiting and commercializing the proposed energy management system for residential-commercial buildings
- Develop an web-based solution for intelligent energy management of buildings to minimize their electricity cost
- Validation and demonstration of the WiseStorage solution in operational pilot buildings
The project’s results will bring societal, environmental and economic benefits in local and international level, as the WiseStorage solution will increase profit for residential or commercial prosumers, will increase the penetration of RES and will create new job opportunities.
Consortium
The project’s consortium consists of the H. Wise Wire Energy Solutions Ltd, as the coordinator, and the KIOS Research and Innovation Center of Excellence at the University of Cyprus (University of Cyprus).
Sponsors
The WiseStorage project (PRE-SEED/0719/0147) is funded by the European Union – NextGenerationEU.
