From Demand Forecasts to Sustainable Technologies, the Energy Storage Market Showcases Remarkable Developments
The energy storage market is experiencing a transformative period, with recent advancements spanning demand forecasts to groundbreaking technologies. Recognized as a critical tool for balancing electricity supply and demand, energy storage technology plays a pivotal role in facilitating the global transition to renewable energy resources.
One noteworthy development involves the installation of Allye Energy’s MAX system, specifically designed to support the charging systems of electric vehicles (EVs) and electric aircraft at an airfield.
Puget Sound Energy and Form Energy’s Iron-Air Battery Pilot
In a significant move, Washington-based utility Puget Sound Energy (PSE) has embarked on a multi-day energy storage pilot with a 10 MW iron-air battery supplied by Form Energy. This initiative, scheduled for deployment by late 2026, addresses the need for extended power storage during grid events. Unlike conventional batteries offering approximately four hours of supply, Form Energy’s iron-air battery boasts a remarkable 100-hour storage capacity. The cost-competitive technology utilizes commonplace materials such as iron, water, and air, presenting a promising alternative to traditional power plants.
Surge in Commercial and Industrial Energy Storage Demand
EnergyTrend, a division of market research giant TrendForce, forecasts a substantial surge in large-scale commercial and industrial energy storage this year, totaling 53 GW/128.6 GWh. The rise in wind and solar projects globally contributes significantly to this demand, with energy storage resources becoming essential for backup power amid the phase-out of fossil fuels. China anticipates new installations of 24.8 GW/55 GWh, while the European market is set to benefit from increased U.K. installations, reaching 4.2 GW/6.4 GWh in 2024. In the U.S., large-scale installations continue to show profitability, driven in part by federal investment tax credit subsidies.
Repurposing EV Batteries for Energy Storage
In a groundbreaking collaboration, two British companies are repurposing end-of-life electric vehicle (EV) batteries for energy storage systems. Allye Energy, a battery storage tech developer, collaborates with Synetiq, a vehicle salvage and dismantling service. Allye plans to source used EV batteries from Synetiq and incorporate them into its modular MAX Battery Energy Storage System, providing an eco-friendly solution to industrial and residential customers. The project aims to test the viability of different battery chemistries, including non-lithium and solid-state batteries, further showcasing the adaptability of energy storage technologies.
These developments underscore the dynamic and evolving landscape of the energy storage market, emphasizing its crucial role in shaping a sustainable and resilient energy future.