As the world races to reach its net-zero targets in a bid to tame runaway climate change, advances in the technologies used to generate clean energy and those necessary to transport that energy are crucial. For these to have any effect, energy storage systems are vital since they stand in the gap between energy generation and its eventual use.
Estimates from the International Energy Agency show that to meet carbon-reduction targets, every vehicle sold by 2035 must be an electric vehicle, and by the time 2050 comes to an end, at least 66% of all the energy generated has to be clean energy, such as solar, hydropower or wind energy.
Needless to say, energy storage will be crucial in enabling this transition to take place. This is particularly necessary given that many of the available renewable sources of energy aren’t available round the clock. For example, the sun doesn’t shine all day and all night, and the wind may only blow for a few hours each day. Energy storage systems make it possible to store the energy generated during the hours when the source of energy is available so that the stored power can be used later.
Batteries fit this role well, and there has been a surge in the number of gigafactories being established to manufacture enough batteries to meet the growing demand for these energy storage units. However, lithium-ion batteries dominate the energy storage sector, especially for use in electric vehicles. Yet they can only store energy for a few hours at best. In contrast, the biggest need is for systems that can store energy not only for days but also weeks or even months. Li-ion battery tech isn’t cut out for such a demanding application.
That gap has created an opportunity for investors, who are looking for opportunities to become involved now with the hope of cashing in as the decades roll by. One utility-scale battery energy storage chemistry that holds promise in the energy storage segment is the redox flow battery developed by companies such as StorEn Technologies Inc.
Data from Mercom Capital Group indicates that from January to September 2021, a total of $5.5 billion was injected by venture capitalists into deals within the energy storage sector. In contrast, only a paltry $1.2 billion was invested into this sector during the same period in 2020. That is a massive jump in such a short time.
It is also noteworthy to point out that changing things on a utility scale takes a lot of time and money, which is why growth in this segment is seemingly slow. However, the coming years are likely to see lots of energy storage projects off the ground.
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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