Long-duration energy storage projects attract over $58b in investment in last 3 years
This could lead to 57GWs of energy storage capacity, Wood Mackenzie reported.
Long-duration energy storage (LDES) across the globe attracted over $58b in investment commitments since 2019, Wood Mackenzie reported.
This could lead to a total installation of 57 gigawatts of LDES, which is equivalent to three times the global energy-storage capacity deployed in 2022.
Read more: China may need 4,300GW storage capacity by 2050: report
“To accelerate the energy transition, more renewable energy sources will be used for generating power, but this in turn presents challenges for the reliability and stability of the power system. Some technology solutions exist today, but they are far from meeting society’s power needs,” Kevin Shang, Senior Research Analyst at Wood Mackenzie, said.
“Long-duration energy storage technology, with longer durations of 8 to approximately 100 hours, holds great promise as a low-cost solution to enable a grid with more renewable sources. This is why companies and governments have significantly increased their commitment to the LDES market.”