EnergyBank has deep-sea plan to store wind power

EnergyBank's scale model test rig in Lake Taupō. (Image: EnergyBank)

Mon, 19 Dec 2022

A New Zealand startup company is hoping to solve wind power’s intermittent generation with a deep-ocean gravity-based storage system. EnergyBank is developing a bolt-on system for offshore wind turbines away from the continental shelf. The concept has led to some jaw-dropping reactions overseas, but the two-year-old company last year secured $2.7 million in seed funding from several venture capital firms.It is not the only New Zealand company with novel ideas for emission-free electricity generation.While startup Vortex Power Systems...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets

Employment data dominates quiet day on NZ sharemarket

The NZ sharemarket was down with no real trend driving the change.

Tom Raynel 6:07pm

Economy

‘Remarkable growth’: Fulton Hogan posts higher profit

Fulton Hogan paid a total dividend of $180.4m for 2025.

Duncan Bridgeman 4:37pm

‘Remarkable growth’: Fulton Hogan posts higher profit

Policy

Seymour promotes coal, nuclear, and privatisation

Burning some coal to enable more renewable power "not a bad deal".

Pattrick Smellie 1:40pm

Seymour promotes coal, nuclear, and privatisation

Sponsored

Health insurance proving a valuable negotiating tool for Kiwi businesses

More employers see health insurance as key to staff wellbeing.

Moneyfit

Sponsored

Move-in ready offices: How business are rethinking workspace

Businesses want agility – and office space is evolving fast

Sponsored by Precinct Properties

More Energy

Policy

Seymour promotes coal, nuclear, and privatisation

Burning some coal to enable more renewable power "not a bad deal".

Pattrick Smellie 1:40pm

News in Brief

Genesis gets fast-track greenlight for Tekapo power scheme

Genesis Energy has received fast-track approval to continue operating and maintaining the Tekapo hydro power scheme.It lodged the fast-track application in April 2025 for the scheme, which includes Tekapo A and B power stations and substations, and the canal system. Genesis has o...

Staff reporters 03 Nov 2025