Whoever imagined there being a hotel company without hotel rooms (Airbnb), a taxi company without taxis (Uber), or that the strength of social media could create the world’s youngest billionaire selling makeup on Instagram? (21-year-old Kylie Jenner)
My eldest daughter is 15 years old, and as with all teenagers, she loves social media. She follows hundreds of people, and if I get her into a discussion about Planet Earth, she’s absolutely resolute alongside her peers in her determination to make the world a better place.
A year ago, I was introduced to a renewable energy storage company, Corre Energy Ltd. I heard a pitch that got my attention, and I learned something new: the term “curtailment.” It refers to wind farms and solar energy being turned off more often than they are on, due to a lack of energy storage capacity around the world.
I thought of my daughter wanting to save the planet, and how she’d react to a statement made by Corre Energy’s CEO, Keith McGrane: “Due to the lack of energy storage, the cost of curtailment could be running towards $12 billion each year and stands to increase exponentially.”
Across dinner one evening, I discussed the investment in Corre Energy with my daughter. Her eyes saddened in disbelief when I explained curtailment and the wasted billions. But that look quickly changed when I gave her Corre Energy’s solution of grid-scale storage held in caverns under the ground. “Build it, Daddy,” she said. “Build it.”
I asked my daughter a question: If I built a shopping mall where any item purchased resulted in a percentage of the sale going towards an impactful project, like renewable energy, would you shop there? “I would shop nowhere else,” she said. What if it were more expensive compared to other malls? “I would shop nowhere else,” she said. “The Impact Store. I love it.”
My daughter picked up her mobile, opened Instagram and soon landed on a photo of Kylie Jenner. “I love her makeup,” she said. “Imagine if it was in The Impact Store,” I said. “OMG!” was her enthusiastic reply.
Twelve months on and Corre Energy has accomplished both of those ideas. The company has secured $6 billion-plus of Impact Value through mass energy storage facilities and created an Impact Shopping and retail platform online using Artificial Intelligence. The business model is based on circular economy principles. Brands are awarded “Impact Credits” in return for discounts; consumers pay 10% of each purchase towards Impact Projects, and then each project creates more Impact Credits based on socio-economic impact principles.
The Impact Shopping model and the Impact Credits that it creates will feed into the problem-solving energy storage business, creating a circular economy that forms a multibillion-dollar enterprise to save our planet.
Perhaps you’ll see what I see —It’s going to be a wonderful journey for our children and us, and that’s something to be very proud of.
Darren Green – Corre Holdings CEO