Global demand for energy is expected to increase 60% by the year 2030, to double by 2050, and to triple by 2100. Incremental improvements in existing energy networks are insufficient to supply this demand in a sustainable manner. Most of the world's electrical power is generated by burning fossil fuel and converting the heat generated into mechanical energy which is then converted into electricity. In this process, generally, every 2 trillion watts of energy that is produced through fossil fuel combustion, another 3 trillion watts of heat is released into the environment as waste heat. Energy Efficiency and the repurposing of waste heat will be a significant factor to meeting our global demand for power.
In the United States, the US Department of Energy (DOE) and Environmental Protection Agency (EPA) estimate that 200,000 MW per year is available as waste heat discharged to the environment by power plants alone. Emerging carbon cap and trade legislation, EPA and Renewable Portfolio Standards (RPS) standards mandate a reduction in carbon footprint and the displacement of carbon-based fuel combustion processes. Coupled with President Obama's pledge of over $800 billion dollars for the advancement of clean power generation and renewable energy technologies, it is very clear that harnessing more energy from heat has become a cornerstone of our Nation's energy policy.
Echogen Power Systems, a private company based in Akron, Ohio is commercializing waste heat to power with a proprietary system. Since its founding in April, 2007, Echogen has developed a breakthrough power generation cycle called the Thermafficient® Waste Heat Recovery Engine. It uses a modified Rankine Cycle with supercritical carbon dioxide (ScCO2) as the working fluid. ScCO2 is environmentally benign, non-toxic, and has favorable heat and mass transport properties which allow for an energy dense, compact thermodynamic system.
Echogen's target customer groups include power generation and large energy consumers in the Industrial sector with waste heat recovery opportunities found in their respective steam generating and direct-fired heating processes (e.g., furnaces, kilns, etc.). Prospective Industrial customer groups include chemical processing, petroleum refining, iron, steel, etc., typically operating with large sources of energy loss from hot exhaust gases and residual heat in liquid product streams. Waste heat reduction and recovery represents the greatest opportunity for reducing energy loss in these industries. Similar opportunities exist in Power Generation facilities (e.g., increase net generation by as much as 30% on simple cycle gas turbines, waste heat recovery for increased power in concert with environmental retrofits, etc.). Partnership with Utilities can include cooperative deployment of Echogen's system at Industrial plants within a Utility's service district as part of their Energy Efficiency Programs and compliance with local or State Renewable Portfolio Standards.