Thermal storage is being called the next trillion-dollar market of the energy transition. In an industry mapping authored by a senior manager at global energy group ACWA Power, EnergyIntel is the only Cypriot presence.
Thermal energy storage is moving to the centre of the global energy industry. “The next trillion-dollar energy storage market might not be batteries,” notes Christos Iraklis, a senior Energy Storage and Innovation manager at global energy group ACWA Power, in a widely shared industry analysis. As he explains, while the storage conversation is dominated by batteries, the largest investments in industrial decarbonization are now flowing into storing energy as heat, in media such as rock, sand, ceramics and molten salt.
In the mapping of the sector’s companies that accompanies the analysis, EnergyIntel is included among the roughly 25 companies worldwide shaping the field, alongside names from the United States, Germany, Italy and Israel. It is the only Cypriot company on the map.
That position is not accidental. EnergyIntel’s E247-V1 thermal storage system, designed and built in Cyprus, stores energy thermally and dispatches it as electricity and heat around the clock. It operated for ten months at NOOR Energy 1 in Dubai, the world’s largest concentrated solar power project, itself developed with ACWA Power as lead developer, achieving 95% availability in real field conditions rather than in a laboratory. The technology has been independently certified by DNV, one of the world’s leading assurance bodies, and ten units are already in operation across four countries. EnergyIntel is also a member of the LDES Council, the global body for long-duration energy storage.
The international presence coincides with the company’s move to industrial scale. With €2 million in funding under the STEP Award, through the Research and Innovation Foundation of Cyprus, EnergyIntel is building a production line in Cyprus with a capacity of up to 1,000 units per year.
It also coincides with energy storage becoming a national priority for Cyprus, as the country’s first large-scale storage projects proceed, targeting several hundred megawatts installed by the end of 2027.
“When the global industry maps the companies that will define the next phase of the energy transition, and a Cypriot company is among them, that says something about what this country can produce. The E247-V1 was designed and built in Cyprus, proved itself at the world’s largest solar plant, and is now moving to industrial production. Nobody gives you a place on that map. You earn it with technology that performs,” said Eugenia Herodotou, CEO of EnergyIntel.
About EnergyIntel
EnergyIntel is a Cypriot energy technology company that has been developing proprietary, patented solutions through its in-house R&D department since 2006. Its portfolio spans energy storage, photovoltaic systems and advanced energy management technologies, with a focus on innovation, scale and export potential. Under its “Energy Evolved” positioning, EnergyIntel is evolving from an established local player into a technology company with
