Lower power bills. Increased resilience. Added flexibility. These are but a few of the many benefits offered by energy storage – an enabler of the energy transition.
If the absence of the sun and wind threatens renewable energy production, how do we plug the deficit? Our answer lies in energy storage. It’s a game changer for the energy transition, allowing us to store excess power as a backup during downtime. Offering a range of options, it’s motivating major operators and small independent power producers to tap into new technology.
Prices are becoming more attractive
But energy storage hasn’t always been the golden child of the energy transition. Operators once perceived it as too costly and were weary of its relatively low capacity. You’d feel the same if you took the initial high price and low range of the lithium-ion batteries found in electric cars as an example. Imagine scaling it up to power entire cities for hours on end.
You’d think the costs will balloon, with efficiency lagging behind.
But that’s until you realize the technology is becoming more affordable as a slew of innovators enter the space. They’re providing high capacity alternatives to lithium‑ion, such as flow batteries, thermal photovoltaic, pumped hydro and gravity-based storage systems.
The more competition the sector sees, the better the outcome for energy storage. From 2020 to 2025, industry analysts expect to see the global energy storage market grow from USD 2.9 billion to USD 12.1 billion. And government policies and incentives, such as production tax credits, could make it more attractive for innovators to push the boundaries and drive prices down even further.
Does this mark the end of conventional power?
Conventional power isn’t out of the picture just yet, as it can work in tandem with energy storage. When you combine the two, power plants don’t work twice as hard to make up for renewable energy deficits. This means prices per kilowatt hour don’t spike and the grid remains stable.
It’s no surprise that operators are using energy storage as part of their net zero strategy. It can form part of an energy mix, alongside existing carbon intense sources and renewables.
We’re helping you select the most suitable solution
These are but a few of the energy storage solutions organizations are getting when they tap into our global network. Our technology agnostic approach exposes our clients to existing and emerging technologies from all over the globe.
And we’re helping them, alongside the innovators and inventors, to secure funding for their projects. This is increasing the availability of options, further driving costs down and maximizing efficiency.
So, contact a local lead to find out how you can get energy storage that’s aligned to your organization’s vision.
Energy storage for commercial renewable integration in South Australia
Carrying out a detailed overview of various energy storage technologies to inform the development of a working prototype energy storage device