Energy storage makes a comeback

How can storage improve energy resilience?

As the world transitions towards cleaner energy systems, innovative storage solutions are gaining prominence, enabling more efficient use of renewable resources. This growing market encompasses a range of technologies, including batteries, pumped hydro, and thermal storage, each playing a crucial role in enhancing energy resilience.

Is energy storage a good idea for small businesses?

On a smaller scale, energy storage is unlocking new economic opportunities for small businesses. By integrating renewable power with agriculture, individuals can store and supply excess energy, enhancing national grid resilience and diversity while generating profit. China has been a global leader in renewable energy for a decade.

Why is China promoting energy storage at the 2025 two sessions?

The buzzword “energy storage” at the 2025 Two Sessions underscores China’s strategic focus on building a resilient, sustainable, and diverse energy system, contributing new efforts to a sustainable global future. The country’s progress in new-type energy storage highlights how innovation can drive both economic and environmental progress worldwide.

How do energy storage systems work?

This is where energy storage systems come into play. Large batteries can store energy when production is high and release it when demand soars, ensuring a consistent power supply. Innovations like lithium-ion batteries and pumped hydro storage are proving critical in balancing the supply and demand of renewable energy.

How much did the energy storage project cost?

The project was funded by $5.4 million from the Department of Energy and at least that much from SustainX, according to a representative. Conventional compressed-air energy storage uses a compressor to pressurize air and pump it into underground geological formations.

Will energy storage growth continue through 2025?

With developers continuing to add new capacity, including 9.2 GW of new lithium-ion battery storage capacity in 2024 through November 2024 and comparable levels of growth expected through the fourth quarter of 2024, energy storage investments and M&A activity are expected to continue this trajectory through 2025.