Battery storage: The future of energy?

As energy storage developments continue to advance and evolve over time, so has the demand for new innovative technology which can help businesses reduce their costs and improve their energy storage.

After the recent announcement that Tesla were at the halfway stage of installing a 100-megawatt lithium ion battery in South Australia, which will be more than three times larger than any existing power storage facility, the subject of battery storage has been brought into the spotlight.

Advancements surrounding the introduction of renewable energy sources, such as batteries, has, for the first time, brought forward the prospect of a radical transformation which could result in cleaner, more abundant and cheaper energy for the UK.

A revolutionary step was taken by the government in July 2017 when they invested around £246m into battery storage – a decision which could potentially alter the landscape of the energy market as consumers could have the ability to store surplus energy which could result in cutting out suppliers all together.

But what does all this mean for your business? Let’s look at some of the examples of battery storage currently in play at companies across the globe…

Tesla leading the way

Tesla, one of the world’s leading lights in energy generation and storage products, are preparing to implement their largest battery project yet. Headed by the pioneering Elon Musk, Tesla are preparing to release their second edition of the commercial Powerpack after the success of its inaugural edition in 2016.

These giant commercial batteries are set to transform the renewables industry. Due to the intermittent nature of renewable energy, the Powerpack will boast the ability to store power during the day when energy is generous and distribute it when demands increase after sunset.

The Powerpack 2, which boasts twice the energy density of its predecessor, will be used to build a 100 MW battery system in the South of Australia which will stand as the largest battery storage project in the world. Musk has promised that if the lithium ion battery plant is not completed within 100 days, the project will be free for the state government. The clock is ticking!

Best of the rest

The likes of Nissan, Bosch, Greensmith and JLM are just a handful of the companies making waves in the commercial energy storage market. For example, Nissan announced in May that they would be creating a British-made battery which would rival Tesla’s.

JLM Energy, an energy technology company, launched a grid synergistic residential energy storage system, Energizr 200, in March last year, and it marked the first time a single product optimally controlled solar, storage and energy efficiency.

The rapidly expanding and developing energy market is being spearheaded by energy efficiency and enhanced energy storage that is made possible by improved battery technology, which in turn creates a huge benefit to consumers.

What does this all mean and what are the benefits?

Being able to store renewable energy that your business has produced is a very cost-effective approach to energy management.

One of the best examples of this cost-effective approach is the reuse of energy during peak national grid times. If your company already produces solar power, you could install a battery storage unit to house the power that is being produced. This process could also be applied to companies who use a wind turbine. In addition, energy that isn’t needed can be released and bought by the national grid.

Here are just a few of the benefits of energy storage…

  • Cheaper to meet peak demand periods
  • More control over your own costs
  • Reduce operational expenditure
  • Create further revenues
  • Online monitoring
  • Carbon savings and neutrality
  • Ensure resilience

So, is battery storage really the future of energy? Want to know more about managing your company’s energy efficiently? Get in touch today!

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Paul JohnsonGroup Financial Director

About Paul

Paul Johnson is very much a home-grown talent.

He joined Great Annual Savings Group in its infancy, fresh from a youth career as a professional footballer with Hartlepool United.  He quickly established a reputation within the business and aced all required accountancy qualifications in the space of four years to become the Group’s Management Accountant.

Several successful projects later, Paul was promoted to Head of Finance.  When the former FD left GAS, he took on the mantle of the business’ most senior finance professional; boasting a string of incredible achievements all under the age of 30.