With the diversification of energy sources, electric utilities need enhanced battery storage capabilities.
FREMONT, CA: The shift towards clean energy and decarbonization is finally taking place. The rate of renewable energy adoption is advancing steadily, resulting in an increased demand for better energy storage facilities. The fluctuations linked with renewable energy sources make efficient, long-lasting energy storage solutions vital. In recent times, there have been improvements in properties and a fall in the price of lithium-ion batteries. Nonetheless, to come up with substantial battery technology that can contribute to the commercialization of renewable energy, companies and governments have to take steps and device proper strategies.
• Research and Development
The development of energy storage solutions needs efforts in research projects and subsequent commercialization, and this requires funding. Companies in the energy sector should look forward to government incentives to secure timely funding and aid innovations in battery technology. The opportunities for innovation are present in storage technologies, as well as in the advancement of raw materials.
• Looking for Alternatives to Lithium-ion
Lithium-ion batteries form the core of the energy storage revolution. However, other technologies also have the potential to evolve into valuable solutions for energy storage. Electric utility firms should make efforts to innovate with a focus on improvising battery systems. Flow batteries, pumped hydro, and compressed air storage are a few notable alternatives that can serve the purpose for the energy companies.
• Reusing Raw Materials
Low battery capacity and dependence on external sources of raw materials are two of the challenges in the development of battery technology. The energy sector should invest in optimizing the design of energy storage systems while improving the sourcing of raw materials. Once there are technologies for the recycling and reuse of raw materials, battery technology will see accelerated growth.
Those utility companies that can develop sufficient large-scale battery storage capabilities can be confident of delivering energy security to its customers today, as well as in the future.