Cooling represents 20% of global electricity demand in buildings, a share that’s expected to rise as the planet warms and more of the world turns to cooling technology. During peak demand hours, air conditioners can account for over half the total demand on the grid in some parts of the world today.
New cooling technologies that incorporate energy storage could help by charging themselves when renewable electricity is available and demand is low, and still providing cooling services when the grid is stressed.
The “used in an evaporative cooling process” is the part where it sounds like it adds moisture to the air. I think it happens outside, though. It sounds like their whole thing is to run moist outside air over the dessicant, then run that dry air over water that is on a heat exchanger. This would cool the heat exchanger that would be tied to ductwork or whatever to cool the house. Evaporative coolers already exist (both as in-house “swamp coolers” and external chillers usually used on bigger buildings). They don’t work if the humidity is already high, though, so this system would enable them to function better in high humidity areas, and it could take advantage of only doing the energy intensive step of drying out the dessicant when there is surplus energy.
Sounds like they would do well in Arizona, where the air is dry. IIUC swamp coolers were very popular in Arizona until ~20 years ago when temps increased so much that swamp coolers could not make enough difference (this is largely because more and more land became concrete, which reduced the effect of evaporative cooling the land mass). So a/c became more popular in AZ IIUC. But the dry air would still be dry.