NEWPORT BEACH, Calif. /PRNewswire/ -- Airports searching for ways to lower their multimillion dollar electric bills immediately recognized the opportunity to save up to 25% on their power bills upon learning about Stored Air Power's patent filing last week that sets a new paradigm for Compressed Air Energy Storage (CAES). This system improves the applicability for on-site distributed energy without consuming fossil fuel to preheat the air on expansion, increases efficiency and lowers cost of previous adiabatic energy storage systems.
The Air Energy Storage System (AESS) stores energy by compressing air and sends it to an insulated gunite storage vessel at night to store the pressure and heat from compression and then returns the hot air back through the expander generator in reverse to generate electricity to supplement renewable power or for use during peak hours, or standby power for national defense and natural disasters.
Stored Air Power's Richard Langson says, "We are pleased the company can help airports, seaports and other large industries save money when there is a need for low-cost energy during peak hours for clean, distributed power." Langson says his company is offering no capital outlay to qualified facilities utilizing a Discount Power Agreement (DPA). Stored Air Power is also looking for partners and investors to share funding and profits. IRRs of 100% + on qualified projects.
Inventor, Founder: Richard Langson's technical innovations include annual oil change systems, a series of "clean burn" natural gas engines, high tech control systems and heat exchangers. Langson formed a company in 2005 to produce his modular Waste Heat Generators, which are now leading the world in small-scale, ORC binary power products. The company's valuation went from zero to over $30 Million in five years. Langson is a World Champion racecar builder/driver beating "Big Daddy" Don Garlits for the 1993 IHRA World Championship.
He has proven his talent as a world-class entrepreneur and innovator over four decades in business. The list of awards he earned in conjunction with his previous company include: