Power generation is an inefficient process, with the majority of power plants converting only 30-40% of energy input to electricity. Vortex Power Systems Limited (“VPS”) is developing technology to capture and convert waste heat at existing thermal power-stations into electricity. Increasing population and advances in technology are increasing the global demand for energy. However, resulting from the greater awareness of global warming and carbon emissions, the need for clean energy production and improved generation efficiencies has become one of the greatest challenges of the 21st century.
Although the majority of thermal power plants have an efficiency of approximately 30-40%, newer power plants have incorporated newer technologies to achieve ~50% efficiency. Despite efficiency improvements, the average new 1000MW power plant will have a lost opportunity due to wastage worth an average ~$1.7B of per year. Thermal power stations that can benefit from VPS’s technology include oil, gas, coal, geothermal and nuclear power plants. The lost energy, which is considered waste-heat, must be disposed of, generally at a cost to the power producer. VPS is developing a system to convert waste heat into electricity with at least 5% efficiency, to result in an additional 7.5% net power output for the average power plant, which represents an increase in power generation profitability and a net reduction in harmful emissions. The value of the acquirable energy that may be captured by VPS’ technology is estimated at approximately USD200 Billion per annum.
The ratification of the Paris Agreement on climate change is expected to increase the adoption of technology and increase incentives to reduce greenhouse gas emissions. As VPS’s technology is expected to align with the goals of the Paris Agreement and improve the profitability of power stations, VPS expects that if its system is successfully developed, it will be widely adopted.