Axiom Energy started in its founder’s Amrit Robbins garage in 2014. Today, the firm has contracts with Whole Foods. The “refrigeration battery” system that the firm boasts is what has made it so attractive.
The technology makes use of pre-existing refrigerators that the clients would already own to implement long-scale thermal energy storage solutions. The system created by Axiom takes excess energy from the fridge to freeze a tank of salt water overnight. Then, later the next day, during electricity hours in the afternoon, the refrigeration battery uses the frozen salt water to provide refrigeration to the units, instead of demanding more energy from the grid. This reduces the need for compressors or condensers.
Robbins is optimistic about the outlook for the firm, specifically because the solution provided to their main target audience: grocery stores. According to Robbins, the margins for these grocery stores are razor thin at around 1.3% on average, meaning they are desperate for any cost saving measures. Moreover, on average they spend three times more on energy per square foot than other retailers. Even a few basis points in savings would be huge. Energy may be the area to target for these savings, especially given the opportunities presented by Axiom.
Up to 60% of energy consumption from typical supermarkets comes from refrigeration expenses, a problem which is heightened by the volatility of energy demand and the high prices that have come to be associated with it. Taking the old refrigeration units and transforming them into intelligent energy storage assets could be the way of the future.
The hype surrounding Axiom comes from the short time it took for the company to go from a start-up, to landing major contracts. The three years taken by the company shines when compared to the sometimes decades-long research and development process undergone by emerging battery and fuel cell chemistry companies. For example, Aquion, Imergy, or Enervault – all of which are now defunct.
The advantages for Axiom are expansive. The ability to use existing infrastructure to innovate solutions saves a ton of money on manufacturing. Moreover, Axiom sells directly to the end consumer, eliminating a middleman. Other battery companies must first sell to battery and energy system integrators.
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