The technology stores off-peak energy, in the form of compressed air in an underground reservoir, and releases this energy during peak hours. CAES can be used for load management of intermittent renewable energy resources or as a stand-alone intermediate generation source for electricity or the New air pressured cars.
August 27, 2008 Joint Venture To Deploy Compressed Air Energy Storage Plants New Jersey, United States [RenewableEnergyWorld.com]PSEG Global LLC and energy storage pioneer Dr. Michael Nakhamkin announced that they have formed Energy Storage and Power LLC (ES&P), a joint venture to exclusively market, license, support the development and supervise project execution of the second generation of Compressed Air Energy Storage (CAES) technology.


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