The global battery energy storage market is expected to reach $31.20 billion by 2029, according to Fortune Business Insights. This boom is being driven by the falling cost of batteries, the need for cleaner energy sources and the rising demand for grid scale storage solutions.
Battery storage is widely considered the key to enabling a cleaner power grid, as it allows electric utilities to store energy during times of low demand and release it during peak hours.
Grid scale battery storage systems typically consist of multiple batteries that are configured to store energy as it is produced by a power source, such as solar panels. When demand is high, the energy can be released back into the grid.
Battery energy storage systems have been used in the transportation industry for years, but they are now becoming increasingly popular in the utility sector.
Here are five companies to watch…
Fluence
AES Energy Storage and Siemens have teamed up to create Fluence, a new global energy storage technology company that will empower customers around the world to better navigate the fragmented but rapidly growing energy storage sector.
Fluence will combine the robust capabilities and expertise from Siemens’ battery-based energy storage solutions group under the Energy Management division with AES’ subsidiary, AES Energy Storage. The company’s global headquarters will be located in Washington, D.C., with additional offices located in Erlangen, Germany and select cities worldwide. Siemens and AES will have joint control of the company.
Nidec Energy
Nidec Energy is a leading provider of energy storage solutions. The company’s expertise in power conversion, power management and power quality are key to their success. Nidec Energy’s global battery energy stats include 1.255.235 KW of Energy Storage, 1.630.756 KWh of Energy Storage, 121 Energy Storage Projects, and 21 Countries & Territories served.
Powin Energy
Powin Energy is a leading provider of energy storage in North America. The company’s safe and cost-effective energy storage solutions are revolutionising the way energy is generated, transmitted, and distributed for utilities, IPPs, and energy consumers worldwide.
Powin Energy has entered a partnership with developer Akaysha Energy to deploy battery storage systems in Australia. Announced yesterday, Powin said the framework agreement covers the deployment of more than 1.7GWh of systems over a two-year period, marking the US-headquartered energy storage system manufacturer and integrator’s first moves into the Australian market.
Tesla
Tesla’s Megapack is a large-scale, stationary, rechargeable lithium-ion battery energy storage product, intended for use at battery storage power stations. Launched in 2019, each Megapack can store up to 3.9 megawatt-hours of electricity.
The RES Group
The RES Group is a global renewable energy company which has been active in the renewable energy industry for over 30 years. Its core business is to develop, construct and operate large-scale, grid-connected renewable energy projects worldwide for commercial, industrial and utility clients.
RES was given permission for Spennymoor Energy Storage project in UK. The 99.9MW project will facilitate the deployment of new wind, solar and other renewable energy sources.
