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New Zealand

EnergyBank – NZ Entrepreneur Magazine








WHO: energy bank

Founder: Tim Hawkey

Headquarters: Auckland

Website: Energybank.nz


Graphics: EnergyBank’s Deep Sea Gravity Energy Storage System (DOGES) is a solution for companies developing floating offshore wind farms.

What products, services, solutions or technologies have you developed?

We are developing technology to store energy for 30-100 hours by lifting and lowering large masses in the ocean at depths of 1-5 km. This mechanism is in some ways similar to a cuckoo clock.

EnergyBank’s Deep Sea Gravity Energy Storage (DOGES) concept is a bolt-on storage system for existing floating wind turbines. We are using new technology to address the limitations of existing mooring lines and developing a winch system that moves the mass up and down.

What does the customer’s main problem or solution they “want” solve?

The intermittent nature of offshore wind farms means that production is not always going on (the wind is not blowing all the time) and when the wind is blowing, all wind farms in the area is generating energy, which means that oversupply causes market prices to fall. This type of renewable energy is undervalued because it cannot provide a stable supply to the market.

Fixed-bottom and floating wind turbines are now projected to be deployed in a cost-effective manner in water depths up to 1000m. But much of the world’s coastlines are quickly dropping into much deeper waters. Overall, this limits the market size in which floating offshore wind can be competitive.

By providing a storage solution that also serves as an economical mooring system, EnergyBank enables floating offshore wind farms to enter deeper waters, storing and shipping energy when demand is high. So that we can secure a better price for the energy we sell. This will ultimately increase the opportunities for renewable energy generation.

Our solution is scalable. You will never run out of space to build these things. And, relatively speaking, they don’t take up much space as they are vertical mechanisms.

energy bank
Testing a nano-prototype on Lake Taupo.

Who are your target customers and where are they located?

Our target customers are companies developing floating offshore wind farms. We also see opportunities in offshore data centers and wind-powered offshore oil and gas platform restarts.

14 million viable spaces for grid-connected utility-scale DOGES (approximately 2.7% of the Earth’s surface area) based on analysis of ocean depth, available wind resources, and proximity to large cities We have identified that it is a square kilometer. Some of the more attractive regions are near Portugal, Spain, France, Japan, Taiwan, Philippines, Australia, California and Hawaii. Several of these locations are already committed to floating offshore wind farms and hope to offer further expansion opportunities.

When and how did you come up with the idea for your business?

After studying mechanical engineering and attending the University of Auckland’s Velocity program, I also fell in love with entrepreneurship. My father built and managed power plants, so I spent a lot of time in power plants across the country and was a frequent topic of conversation at the dinner table (very annoying to my mother). ). In 2017, I read an article written by an investor who wanted to invest in problems that people solve. One of them was energy storage. So after returning from life in San Francisco in 2019, I started working on EnergyBank and found my calling. Our vision is an economically decarbonized world powered by offshore renewable energy, and I fervently believe it is possible.

Do you have any advice for founders looking to raise capital?

We have raised $2.7M in an oversubscribed seed round in 2021. This was my first fundraising experience and I learned a lot during the process.

When looking to raise capital, decide if it’s a good fit for you and our business before you start. Remember, money comes with expectations and additional management. When you feel the time is right, learn how to pitch and take the time to build strong relationships in your entrepreneurial ecosystem.

If you’re wondering if your company needs funding, read Zero to One by Peter Thiel. It does an excellent job outlining what the different VC investment frameworks are. If your business isn’t a natural fit for that, you may be better off raising money elsewhere. But if you decide that seeking out VC funding is the most appropriate thing to do, the three best things you can do are examine the market, learn how to market effectively, and build relationships. Don’t be afraid to attend innovation and entrepreneurship events and reach out to interesting people on LinkedIn. Also, consider joining a group such as the Global Entrepreneurship Network or attending an event such as Startup Weekend. You will find many like-minded problem solvers.

What’s the biggest challenge you’ve faced building your business so far?

Building a talented team is the biggest challenge with the biggest reward. When a group of people come together, united and focused on solving a big problem, you feel the momentum and excitement build up as you move forward.

energy bank
energy bank team.

What’s the biggest entrepreneurial lesson you’d like to pass on to other Kiwis looking to start their own business?

Don’t be afraid of big problems! Ambition is good. This is how we enter new territory and avoid commoditized competition. Always think 10 to 15 years ahead of time. Take Rocket, for example, back in the mid-2000s, everyone would have said, “You’re crazy.”

Stories created in partnership with Venture Taranaki.


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