A new tech startup is putting a twist on the virtual power plant by aggregating and selling renewable grid-scale energy storage assets to help fill the gaps in this growing sector.
Philipp Man is a former watch trader and current CEO of Terralayr, a company he co-founded with Ludwig Wurlitzer. He explained to TechCrunch, "We aggregate grid-scale energy storage assets, we bundle them, we virtualize them, and then we sell off the capacity between 15 minutes and 15 years."
For buyers, this "power trading" can help fill gaps in their output, the publication explains. For instance, Terralayr is launching in Man's home country of Germany, according to TechCrunch. Power providers are asked to predict how much electricity they'll generate over the next 24 hours. If they miss the mark — say, due to unexpected clouds that decrease a solar farm's output — they can be penalized. Terralayr can step up as a solution to bridge the gap and avoid penalties.
Terralayr also manages batteries in a system that Man describes as similar to an exchange.
"Our pitch is like, we're not traders," he told TechCrunch. "We don't trade at all. In fact, we will just find the best buyer for your capacity."
Renewable energy solutions like solar and wind continue to expand across the globe. For instance, some of the world's biggest companies, like Microsoft, Walmart, Apple, and Meta, are investing big in solar energy. Plus, rural towns in Virginia are tapping into the power of solar and reducing their dependence on coal, while Tokyo is set to soon require most new buildings to include solar panels.
These sectors help save people money by reducing energy costs. For instance, solar power is now the "cheapest source of electricity in history," according to Carbon Brief, citing a report from the International Energy Agency. Meanwhile, solutions like those offered by Terralayr can help ensure a steady stream of this clean, affordable power for consumers.
Plus, renewable energy is an important tool to help us reduce planet-heating pollution. You can help by installing your own solar panels or enrolling in community solar.
As for Terralayr, Man told TechCrunch that its solutions may soon be coming to the United States.
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"We believe this is a generational opportunity," he said.
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