A new multi-functionality hybrid energy storage concept, LIQHYSMES, has been recently proposed. It combines the use of LIQuid HYdrogen (LH2) as the bulk energy carrier with much faster and efficient superconducting magnetic energy storage (SMES). The LIQHYSMES Storage Unit LSU integrates liquefaction and storage of H-2 as well as the LH2-cooled SMES: A process for the intermediate storage of H-2 in liquefied form is proposed, and alternative SMES designs are compared. The basic operational principle is simulated for a simple model case with two large LIQHYSMES storage plants supporting the transfer of renewable energy from one region of strong supply to a second one with a widely negative imbalance between supply and load. Losses of all plant components are analysed in terms of their relevance for the overall efficiency, and some cost issues are briefly addressed. A small first experimental demonstration is now underway and also briefly introduced. Copyright (C) 2014, Hydrogen Energy Publications, LLC. Published by Elsevier Ltd. All rights reserved.