As the energy sector transitions to the use of renewable energies, battery storage systems have become a crucial component in this shift. Currently, roughly 24GWh of stationary battery storage has been installed globally. This figure is set to increase significantly, as transitioning from the use of fossil fuels continues.
Batteries are designed to not only supply energy but also to store the energy, which makes them suitable for numerous uses. The declining prices of batteries make them even more attractive investments. However, a changing regulatory environment that causes price fluctuation, market challenges and the technical risks involved in battery projects hinder the market from progressing and growing at an even faster pace. This is in addition to preventing more investors from injecting money into this promising market. Given the special attention that these complex systems require, battery analytics are needed to ensure that these systems operate more efficiently, among other things.
What are battery analytics, and how can they be of help?
Generally, battery storage is a reliable and safe technology. However, just like other technical systems, battery cells can fail. This can be caused by different factors, including battery ageing and degradation, which considerably affect a battery’s performance over time.
Poor performance translates to less available power and energy, which may vary from one battery system to another. Additionally, stress factors such as depth of discharge, charging rate and temperature may also impact performance.
Battery analytics offer recommendations and insights that help prevent occurrences in the future, which may hinder a system from operating efficiently.
Battery analytics technologies and platforms work by introducing intelligence into the process of battery manufacturing, which in turn helps manufacture better batteries, prevents recalls and safety hazards, and extends the life of batteries.
Through using battery analytics technologies and providing battery-management system software and energy-management system software, companies can improve battery capabilities and optimize their performance, all while ensuring maximum profitability.
Battery-management systems gather data on a more detailed level, which helps keep the battery in the safety operation region with regard to temperature, current and voltage during the charge and discharge phases.
Given that the primary objective of storage owners is to maximize profit without shouldering additional risk, battery analytics are becoming more recognized as the key to higher profitability and more traction in this burgeoning market. Experts believe that battery analytics may facilitate a boom in battery storage, which will significantly increase installations in this decade.
Some argue that this will in turn prompt new players in the market to try establishing themselves in the market through the advancement of their storage systems, such as the redox flow batteries being commercialized by entities such as StorEn Technologies Inc.
NOTE TO INVESTORS: The latest news and updates relating to StorEn Technologies Inc. are available in the company’s newsroom at https://ibn.fm/StorEn
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