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what is the ELi5 for Compressed Air Energy Storage - is it what it sounds like, just a massive pressure tank, energy being tapped by releasing the pressure?
Essentially yes, they also get efficiencies from heat exchangers too on the way in and out:

“The new Zhangjiakou plant does away with fossil fuels, using advances in supercritical thermal storage, supercritical heat exchange, high-load compression and expansion technologies to boost system efficiency.”