Trieagle Energy (TSX:TTG) is hoping that the world can use its oil and gas assets to provide the clean energy that’s needed to drive a transformation in energy generation and consumption.
The company, which was founded in 2000, is developing a system that will turn crude oil and natural gas into electricity, a process that would also use energy from natural gas and wind turbines.
It hopes to eventually create a system of energy storage that could power everything from the home to a city.
The technology could save the world’s energy from fossil fuels, said Trieangen CEO and co-founder, James O’Connor.
In its latest quarter, Trieanger reported $14.5 billion in revenue and $6.7 billion in net income, down $3.1 billion from a year earlier.
It was the first time in the company’s history that it reported a net loss.
O’Connors company was able to beat expectations and hit a $10 billion market cap.
Its stock was up more than 3% on the news, outperforming the S&P 500 index by 1%.
“This is not a bubble, it’s a global transformation,” O’Neill said.
“We’re doing the right things, we’re working with the right people.
And I think we’ve got a great opportunity to make the most of it.”
Energy storage is a growing field in energy, which is already experiencing a boom.
Oren Etzioni, an analyst at Morningstar, said there are many emerging technologies that could help the energy sector meet its goals to shift to renewable energy and clean energy by 2035.
For example, he said, a company that sells electricity generated by a solar panel to a power company could reduce its reliance on fossil fuels.
He expects to see more companies taking advantage of the energy storage potential.
“It’s not just the energy industry that is doing it, it is a whole bunch of businesses,” Etzions said.
The U.S. Energy Information Administration estimates that the average amount of electricity that is produced each year in the U.N. depends on the location of the power plant, its location and the type of energy used.
The agency also estimates that a 1,200 megawatt (MW) power plant can generate enough electricity to power 1 million homes.
In some cases, the energy can be produced from wind turbines, while in others it can come from a geothermal plant.
“Energy storage is an area where it can have an impact because it is the only way we can generate the kind of power that we need,” Etzel said.
That means there is potential for the industry to develop an array of energy technologies to produce and store the electricity.
The world already has a significant amount of storage, including hydroelectric dams, which can store energy for use as it’s needed, as well as wind farms that can capture and store energy that is generated during periods of extreme weather.
Energy storage could help reduce the need for those technologies, said Mark Bail, a senior analyst at RBC Capital Markets.
“Storage is one of the most cost-effective ways to get energy that we don’t currently have,” Bail said.
For instance, if a storage facility were to be built near an energy center, energy would be stored there to be used later, Bail explained.
Bail believes there is significant value in using energy storage to store and transport energy.
“This could be the key for the future of energy production in this country, and certainly the future for energy in other parts of the world,” he said.
While storage could reduce the cost of electricity, Baily noted that it could also be an issue when it comes to energy demand.
For a typical household, storing energy can take days, if not weeks.
“In the next few years, we’ll see a lot more energy storage, and that’s the issue we’re going to have to deal with,” Baily said.
Energy is the third largest component of the global economy and the biggest driver of greenhouse gas emissions.
Baily expects to hear a lot about energy storage during this year’s G20 Summit, which takes place next month in Beijing.