Energy Storage Emerges as an Important Sector with Expansion of Renewable

Published Date : Aug 13, 2015

In the past few decades the demand for renewable energy has grown by leaps and bounds. Due to this several other related sectors have also benefitted. One of the sector that has over the time grown is the energy storage market that has become critical for renewable energy sectors such as wind and solar. Energy storage can solve the challenging issue of intermittency in the global renewable energy generation market. Currently, Tesla is one of the leading firms in the global renewable energy storage products market. One of the company’s product that will soon be launched is the Powerwall battery system.

Nevertheless, there are many other innovative technologies that could compete with Tesla’s solutions in the future. One such firm is the Lightsail Energy that has invented an unconventional method of storing wind and solar energy in tanks that feature compressed air. However, the method of storing solar or wind energy in compressed air tanks is not very new. Nevertheless, Lightsail uses carbon fibers, advanced designs, and water sprays to achieve a much more efficient storage system.

These compressed air systems can be arranged to form large storage reservoirs. These reservoirs can then be offered the stored energy as and when required. The power could then be generated using the stored energy when the demand is at its peak. The concept of compressed energy storage has been present since 1870s but it failed to generate the required traction. But, now around US$58 million dollar funding from several global players has been witnessed. These include Peter Thiel, Total, Bill Gates, Founder Funds, and Khosla Ventures.

Many other energy storage systems have received significant funding from players around the world. Power to gas technology can convert electricity into gaseous form and store excess power from renewable sources. Other technologies include super capacitors and lithium ion batteries.