I am sure that I missed something but it sounded like a perpetual motion machine.
I’m sure it’s not a perpetual motion machine. The quick description glossed over the storing heat energy part of the process. I suspect that is where the majority of the energy losses are. And the compression and evaporation of the heat transfer medium (CO2 in this case) are giong to have losses as well.
The point is that it is a way to use excess electricity to store energy, which can be released at a later time when there is a deficit of electric production. Smoothing out solar and wind generation would be a good use for this technology.
Of course, it remains to be seen how big the losses are, and if the process can scale up to utility size. Costs would be an issue as well - both initial construction and ongoing maintenance. With a pressurized gas flowing around a system that is at least partially mechanical, it will require maintenance, and there will be down times. But that’s the same as any electric production methods.
The typical solution to these issues is almost certainly going to be redundancy. You don’t want just a couple of exceedingly large storage units. You want multiple moderate sized units with sufficient overcapacity in total that a unit can go off line periodically for maintenance and repair without impacting the entire grid.
–Peter