We believe that green energy may represent a winning solution to environmental issues and may satisfy the market trends. The future energy supply will be influenced more and more by fluctuating renewable energy sources such as solar and wind. This means that electricity production will follow weather conditions and the surplus and deficit in energy need to be balanced. Green Energy Storage systems will play a key role in enabling to develop a low-carbon electricity system supplying more flexibility, balancing to the grid and providing a back-up to intermittent renewable energy. Locally, it can improve the management of distribution networks, reducing costs and improving efficiency. In this way, it can enable the market introduction of renewables, wind and solar and improve the security and efficiency of electricity transmission and distribution.
Nowadays the global market for the flow battery-based electric energy storage systems is at the early stage of development and it will increase dramatically in the near future. Among the more mature technologies, battery storage systems are more suitable for renewable and distributed generation and infrastructure/demand side energy management owing to their high efficiency rates, relatively lower cost, high energy densities, and longer range lifecycles.The global Energy Storage Systems (battery based) market will be worth about $ 34 billion of annual revenue in 2023. (McKinsey)
Simultaneously ancillary services, such as frequency regulation and voltage support, are and will be required to maintain safe, reliable, and secure transmission of electricity on the grid. As the technical need for ancillary services grows over the next 10 years, the corresponding demand for energy storage systems that support these services will grow as well. According to a recent report from Navigant Research, worldwide storage capacity for grid and ancillary services will be more than 20.8 GW in 2024 ($15.6 billion annual revenue).
This is why we keep believing that organic flow battery may constitute a fundamental starting point for innovation in the field of the future energy storage systems.