As the adoption of clean energy grows, the need for new storage technologies that can do away with the issues that plague renewable energy, such as seasonal imbalances and short-term variability, also grows.
Long-term energy storage technologies are the solution to these issues because they can store electricity for a significant amount of time. However, given that the full commercialization of these technologies may be achieved in the long term, the need for a current solution remains. This is where battery energy storage comes in, as the rechargeable technology can store electricity for a couple of hours, which makes a huge difference.
The movement to “electrify everything” the use of renewable energy and climate change are the driving forces behind the increasing interest in battery energy storage systems. While solar and wind power can assist in resolving the climate crisis by replacing fossil energy with zero-emission energy, they remain intrinsically variable. Battery energy storage systems can help fill the gaps between traditional variable demand and new variable supply.
Black & Veatch, an international consulting, engineering and construction company, is well versed in energy storage systems. Frank Jakob, the company’s technology manager for energy storage, maintains that the ongoing decline in the cost of li-ion batteries has made energy storage an essential for facility managers. He notes that the li-ion energy storage market passed its cost threshold a couple of years ago to become an economical substitute for demand-response elements, single-cycle gas turbines and grid power.
The biggest force behind the reduction in the cost of li-ion batteries is the scaling up of the battery supply chain, and the auto industry currently makes up roughly 90% of the market for li-ion battery cells.
Despite the continuing introduction of more battery energy storage systems, such as those commercialized by companies like StorEn Technologies Inc., into the grid, energy storage in the power sector only makes up 5% of the battery cell market. The remainder is accounted for by mobile electronic gear and forklifts. This will soon change, however, with on-site energy storage enhancing the ability to electrify operations and offering more control over power supply.
Battery energy storage systems can also relieve companies from the regulatory stress and policy uncertainty associated with fossil energy infrastructure, which will in turn decrease reliance on fossil fuels significantly. System improvements to these storage systems also allow them to operate more efficiently as well as enable operators the chance to point out and fix possible issues before the system is affected.
There’s still time for energy users to adopt new energy storage systems, with those who plan ahead giving themselves a chance to toughen their operations against the serious influence of climate change, which may cause huge power system disruptions.
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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