How much copper does the energy storage industry need

Why do we need more copper?

Quicker transition significantly raises demand for copper. Copper is fundamental to renewable energy infrastructure, energy storage systems, and EVs. Rapid urbanization, especially in emerging economies, needs more infrastructure. Infrastructure (incl. energy grids), transportation, and smart cities require lots of copper.

How much copper does a solar system use?

Navigant Research projects that 262 GW of new solar installations between 2018 and 2027 in North America will require 1.9 billion lbs of copper. There are many ways to store energy, but every method uses copper. For example, a lithium ion battery contains 440 lbs of copper per MW and a flow battery 540 lbs of copper per MW.

Is copper a good investment?

With copper's historical significance in technological advancements, its supply shortage amid the transition to clean energy could hinder progress, yet it presents an investment opportunity for those capitalizing on demand-supply disparities, benefitting from rising prices, expanded production, and innovation potential.

How does copper demand change between 2020 and 2040?

Between 2020 and 2040 in the SDS, copper demand grows by 68 times (to 42 kt). In the same period, chromium demand grows by 75 times (to 91 kt), manganese demand grows 92-fold (to 105 kt), and nickel demand grows 89-fold (to 35 kt). Mineral demand from geothermal more than quadruples between 2020 and 2040 in the SDS.

Why is copper used in electric vehicles?

Copper wiring and cabling connects renewable power generation with energy storage, while the copper in the switches of transformers help to deliver power at the right voltage. Across the United States, a total of 5,752 MW of energy capacity has been announced and commissioned. Copper is at the heart of the electric vehicle (EV).

Why is the copper supply gap widening?

This imbalance could be fuelled by the escalating demand we are seeing for copper-intensive technologies such as electric vehicles (EVs), renewable energy systems, and advanced electronics. Several factors are driving the widening of the gap (Table 1). Quicker transition significantly raises demand for copper.