New study identifies how energy storage
advancements can accelerate renewable energy adoption, grid
reliability, and broader electrification
VANCOUVER, BC, May 21, 2024
/CNW/ - The B.C. Centre for Innovation and Clean Energy (CICE)
released a comprehensive analysis today of how advancements in
energy storage can facilitate higher levels of renewable energy
adoption. The "Powering the Future with Energy Storage" report
answers three urgent questions surrounding the future of the
electricity system and grid decarbonization:
- What is the role of energy storage technologies in enabling
higher levels of variable renewable generation sources such as wind
and solar?
- How will this role change with the electrification of sectors
such as buildings, heating, transportation, and other major
carbon-emitting industries?
- How will this electrification impact B.C., and where are
the opportunities for innovators?
"Enabling efficient integration of energy sources like wind and
solar is imperative to achieving a sustainable energy future," said
Sarah Goodman, President and Chief
Executive Officer of CICE. "This research highlights the emerging
role of energy storage in advancing grid reliability and
scalability to meet growing demand for clean, affordable
electricity."
For CICE, research such as the "Powering the Future with Energy
Storage" report underpins its investment thesis and shapes
future calls for innovation. By leveraging knowledge gathered
through a combination of deep-dive reports, industry and community
engagement, and world-class subject matter experts, CICE uniquely
identifies and validates future pathways to net-zero emissions.
This validation helps to de-risk investment and catalyze the
adoption of breakthrough battery and energy storage innovation.
Key findings of the "Powering the Future with Energy
Storage" report include:
- Variable renewable energy (VRE) such as solar and wind is
currently the fastest-growing form of electricity generation. VRE
production has zero marginal cost, but is intermittent and
variable, which puts stress on our traditional energy grids.
- Energy storage is emerging as a solution to address VRE
issues by providing a variety of services: shifting energy to peak
times, enhancing stability, and maximizing existing
infrastructure.
- Installed grid-scale energy storage capacity has increased
15-fold from 2016 to 2022 globally and will need to expand
exponentially by 2030 to support decarbonization goals.
- Alternative energy storage technologies such as flow batteries
and metal-air batteries need to achieve large scale production and
adoption to compete with lithium-ion batteries on price for longer
duration storage.
- Opportunities for hydrogen and thermal storage will emerge
where hydrogen and heat are already in use, in applications such as
industrial processes and building heating.
>>DOWNLOAD THE REPORT
For more information, attend the "Powering the Future
with Energy Storage: Insights and Q&A" webinar at
10am PT on June 13, 2024.
>>REGISTER FOR THE WEBINAR
About CICE
The B.C. Centre for Innovation and Clean Energy (CICE) is an
independent, not-for-profit corporation that provides early-stage
investment to fast-track the commercialization of British Columbia's most impactful clean energy
and climate solutions – from Canada to the world. We match the urgency and
efficiency of the companies we fund, driving innovation like the
planet depends on it. Because it does. Together with our
climate-first community of innovators, industry leaders, academia,
government, and Indigenous partners, we advance future pathways to
net zero – leveraging B.C.'s clean energy advantages to attract
investment, create good jobs, and build sustainable economic
prosperity for decades to come. www.cice.ca
SOURCE B.C. Centre for Innovation and Clean Energy