Data Consulting Services Ensured Green Energy Storage Initiative Viability, Resulting in Project Funding by Goldman Sachs
SURBITON, United Kingdom, March 01, 2022 (GLOBE NEWSWIRE) -- Ikon Science, a leading global provider of geoprediction and open subsurface knowledge management software and data services, announced today its collaboration with Wood, a global leader in consulting and engineering. Ikon, in partnership with Subsurface Dynamics (SSD), contributed to a high-level evaluation of pilot storage caverns in a study coordinated by Wood.
As part of the project, Wood leveraged data consulting services from Ikon and SSD to provide due diligence, data review and validation for a multi-location A-CAES (Advanced Compressed Air Energy Storage) project involving Hydrostror, a firm using compressed air in underground caverns to store excess electricity generated by wind farms. The data services provided by Ikon and SSD proved important to determine the viability of the subsurface conditions of Hydrostor's proposed sites to support flexible energy storage.
Ikon and SSD evaluated Hydrostor's documentation, studies and reports to prepare a reliable risk assessment summary. Based upon Ikon's and SSD's findings, Goldman Sachs Asset Management invested $250 million into Hydrostor's A-CAES pilot project initiative.
"Accurately understanding the subsurface is fundamental to determining the feasibility of green energy storage projects," explained Dr. Denis Saussus, Chief Executive Officer of Ikon Science. "As the world's energy mix diversifies, assessing the subsurface remains pivotal to the success of renewable energy projects."
About Ikon Science
For over 20 years, Ikon Science has been a global provider of geoprediction and knowledge management solutions to optimize subsurface discovery by applying deep scientific expertise and technology innovation to help customers extract more actionable knowledge from sophisticated subsurface data. By bringing digital transformation to knowledge management, Ikon helps customers make the best moves - improving accuracy, accelerating results, and lowering costs. For more information, visit www.ikonscience.com.
About Subsurface Dynamics
Subsurface Dynamics is an independent engineering and technology development and implementation firm. Our extensive global experience in integrated subsurface risk evaluation and mitigation combined with our desire to unlock value in our client's most challenging problems ensures outstanding quality of every project. Learn more at www.ssdynamics.com
Press Contact:
Bethany Hilt, Hilt Strategic Communications LLC
hiltb@hiltstrategiccommunications.com
Phone: 1+ 330.338.6633
