Economical Energy Joins CORE Start
Meet Economical Energy
Led by Managing Director Matthew Forrest, Economical Energy brings together a team of skilled engineers specializing in mechanical, electrical, software, and mining engineering. Their breakthrough innovation is the VIPER - cost-effective, eco-friendly long duration energy storage utilizing gravity,
VIPER addresses the intermittent nature of renewable energy sources by utilizing a mechanical bucket elevator to store excess renewable energy in deep underground cavities. This solution ensures a reliable and continuous supply of clean energy.
Economical Energy believes the market potential for its products is substantial. The long duration energy storage market is projected to see significant capital investments in the coming years, providing a growth opportunity for the company. They aim to pilot their energy storage solution and secure offtake agreements with energy customers. Furthermore, by engaging with underground mines as partners and customers, they plan to expand their market reach. As recipients of the CORE Start program, they seek to build industry connections, gain insights into mine requirements, and learn essential entrepreneurship tips relevant to the resources industry.
With a commitment to innovation, collaboration, and growth, this team of engineers is poised to transform the energy and mining sectors. They aim to make clean energy more accessible and reliable. Through their strategic growth plan and participation in the CORE Start program, they are well-positioned to achieve their goals and shape the future of their industry.
The team has recently launched EcoHoist - continuing to drive innovation across the sector.
The EcoHoist team is led by Founder and Mining Engineer, Michael Short. The EcoHoist product is the next revolution in hoisting for deep underground mines. EcoHoist uses a chain style bucket elevator to improve the utilisation of hoisting shaft volume by 24 times. This allows it to achieve the same production rates as a conventional skip hoist system in a 7m diameter shaft, while using only two, 1 metre diameter shafts. The reduction in shaft diameter reduces capital costs and time to construct, and means that smaller mines can make the transition from diesel haul trucks to electrified hoisting. Electrified hoisting will mean that mines will be able to reach their ESG goals, while maintaining production rates as mines get deeper and as ore grades diminish.
The EcoHoist team believes that their solution will help electrify, decarbonise and optimise deep underground mining. As recipients of the CORE Start program, they seek to build industry connections, gain insights into mine requirements, and learn essential entrepreneurship tips relevant to the resources industry. Through their strategic growth plan and participation in the CORE Start program, they are well-positioned to achieve their goals and shape the future of the mining industry.