6 Things you should know about energy storage
According to DNV GL’s 2019 Energy Transition Outlook, the combination of storage for the grid and storage available in vehicle-to-grid systems will exceed 40 TWh in 2050 worldwide. Storage and in particular battery solutions will help propel the transition to a decarbonized, electrified energy future.
The energy storage market presents a tremendous opportunity for project developers and lenders worldwide. The drivers are clear and global: the rapid electrification of the transport, buildings and manufacturing sectors, the need for smooth integration of variable renewables, whether for a wind farm or industrial solar systems, and financial flexibility for both providers and customers.
To plan for safer and smarter energy storage market here are some key messages that you should know:
- Energy storage is crucial to realizing the energy transition to a decarbonized future.
- The growth of wind and solar power and the need for greater system flexibility will be a key driver of large-scale battery deployments, both grid-tied and behind-the-meter.
- By the late 2020s, we predict that 50% of all new cars sold in Europe will be electric. Vehicle and battery manufacturers must ensure reliable battery performance and quality.
- We expect that lithium ion batteries will experience a cost learning rate of approximately 19%. We forecast that their costs will have fallen to only 14% of their 2018 levels by 2050.
- Certainty over battery performance and safety are fundamental to ensure an energy storage project achieves it projected revenue streams.
- Battery testing is inconsistent across the market. The DNV GL’s 2019 Battery Performance Scorecard provides confidence in the quickly growing global battery market and a roadmap for battery buyers to manage and operate specific battery technologies and estimate warranties and replacement costs.
DNV GL’s Battery Performance Scorecard — based on battery testing in DNV GL’s Product Qualification Programs at its BEST Test & Commercialization Center in Rochester, New York — helps investors, lenders, developers and EPCs inform their procurement strategies and mitigate risk over the lifetime of a project. The scorecard results can help ensure that a selected technology is well matched to your intended storage application.
DNV GL is passionate about accelerating the transition to low-carbon, zero emission transport, offering the professional independent services to support stakeholders on every step of the electric vehicle journey and the energy storage. From testing, certification and due diligence, DNV GL’s broad expertise and substantial technical know-how can help you with a tailored service based on real-world industry experience.