The global energy storage market is poised to grow rapidly in the coming years, with Bloomberg New Energy Finance (BNEF) predicting $620 billion in investment over the next two decades will push cumulative global installations to 942 GW/2,857 GWh by 2040. Declining lithium-ion battery costs are driving much of this growth, with BNEF expecting the cost of utility-scale storage systems to fall roughly 52% through 2030, following an approximate 80% slide in the average price of lithium-ion battery packs in the first seven years of the current decade.
State-owned Madhya Pradesh Power Management Company Limited (MPPMCL) has invited domestic and global players for providing grid-scale energy storage services of up to 500 MW with 8 hours of daily discharge and setting up a storage manufacturing facility in the state. The deadline for proposal submission is August 2.
The preliminary proposals must reach the ministry by June 30. These will be examined by a committee and the shortlisted parties will be invited to submit final proposal.
With Leclanché due to open a module and battery pack assembly line in Gujarat alongside JV partner Exide Industries by the end of next month, the Swiss storage solutions company has been active nearer its home market.
Solar-plus-storage could be competitive against gas peaking power plants in Australia within the next five years, as the average solar-plus-storage LCOE across the Asia-Pacific region is set to fall from $133/MWh this year to $101/MWh by 2023, according to a newly released research report.
A research team has applied a waterproof coating obtained from graphite to a perovskite cell intended to power the production of hydrogen underwater. The cell is said to have worked underwater longer than expected.
And the analyst expects that annual new additions figure to rise to 10.6 GW in 2025. This year the U.S. will surpass South Korea as the largest storage market due to new capacity for solar-plus-storage projects. In Japan and Australia, growth will be spurred by the termination of FIT programs.
Deployment of lithium-ion battery storage systems is growing rapidly, with Wood Mackenzie recently predicting that the U.S. market alone could be worth $4.7 billion within the next five years. Demand is rising for both grid-scale and behind-the-meter applications in a number of markets throughout the world, particularly in East Asia, the global hub of lithium-ion battery production. But a recent string of fires in South Korea – one of the world’s biggest markets for stationary storage, thanks to a concerted government push – has rekindled smoldering concerns about safety.
Narendra Modi’s BJP party is seeking re-election with the aim of ensuring the electrification of all railways by 2022 and turning renewable energy into a popular movement with steps including an emphasis on solar farming. Even if the elections spring a surprise, however, the renewable momentum is unlikely to slow as no government can afford to roll back the clean power tide.
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.