Helix Power Initiates Crowdfunding Campaign to Accelerate Manufacture of its Flywheel Energy Storage System
Early-stage climatetech startup engages vetted crowdfunding platform to mobilize investor community and help enable a zero-carbon future
SOMERVILLE, Mass., Aug. 25, 2021 /PRNewswire-PRWeb/ -- Helix Power today announced it has partnered with SeedInvest to launch an equity campaign in which everyone can participate and support the product development of its patented flywheel energy storage system. Funds raised from this round will be used to demonstrate Helix Power's grid-scale energy storage system that could provide the missing link to a zero-emissions power grid and transportation infrastructure.
Helix Power has completed the design of a high power/high cycle energy storage system to manage the short-term surges and sags in power supply and demand. One unit is designed to absorb or supply one megawatt of power for 90 seconds; once the product is scaled, multiple units can be stacked together to meet the demands of a specific application. Third party analysis and review has validated Helix Power's design and product roadmap. This fundraise will allow the company to manufacture and bring the product to market.
"We've come so far developing this technology for the climate crisis that continues to get worse," said Matt Lazarewicz, Founder and President of Helix Power. "We can't wait to show the world our solution and how it can help build a more resilient, sustainable grid and enable the transportation infrastructure necessary for the modern world."
Helix Power's energy storage system's 90-second charge/discharge duration capability is important because it matches the short duration, high cycle instabilities created by the energy demands of the 21st century. Short duration energy storage can have the biggest impact by stabilizing electric grid power quality and preventing damage or shutdowns. Multiple state governments have already shown support for Helix Power's technology by providing grant funding and expressing enthusiasm at the prospect of deploying the system once it is available.
Helix Power's flywheel technology has the potential to deliver compounded cost savings with the potential to recycle energy that would otherwise be wasted, lower peak energy use, reduce high cycle demands on other electric infrastructure, while also reducing the total installed electric capacity needed and overall infrastructure costs.
Stationary energy storage is a rapidly growing $12 billion industry. Helix Power estimates the global market need for its 1 megawatt flywheel to be in excess of 75,000 units. This represents a long term production demand that extends beyond the foreseeable forecast.
"This is an exciting time for Helix Power and our supplier / partners who have been with us since the start of the design", said John Bourneuf, VP., Operations & Engineering. "Our suppliers for major systems such as the motor, rotor, bearings and power electronics just completed the first phase of procurement. With this raise through the SeedInvest platform, Helix will now be able to finish procurement, assembly, test and validation."
Crowdfunding through SeedInvest allows ordinary investors the opportunity to invest in vetted private companies previously only offered to venture capital firms and high net worth investors.
*Helix Power Corporation is offering securities under Regulation CF and Rule 506(c) of Regulation D through SI Securities, LLC ("SI Securities"). The Company has filed a Form C with the Securities and Exchange Commission in connection with its offering, a copy of which may be obtained at Helix Power Corporation's SeedInvest page.
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About Helix Power:
Helix Power is an early-stage climatetech startup that aims to enable a reliable and resilient zero-carbon power infrastructure. Helix has developed a patented short-duration 1MW flywheel energy storage system that can fill the gap between energy market supply and demand. Helix is targeting markets with extreme storage requirements, including high power (1MW+), long life (1 million cycles), short duration charge & discharge (<90 seconds), continuous operation and low maintenance / life cycle costs. Markets with these requirements include rapid transit, grid integration with renewables, microgrids / island power, and seaport heavy lift cranes. This storage technology also provides significant greenhouse gas reduction.
Media Contact
Philip C. Meyer, Helix Power Corporation, +1 5134058466, [email protected]
SOURCE Helix Power Corporation
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