Energy Storage Market Benefits From Battery Production
NEW YORK, November 21, 2017 /PRNewswire/ --
According to a market research data by P&S Market Research, indicates that the global market for energy storage is likely to grow from $2,663.2 million in 2016 to $26,137.0 million by 2022. With the growing adoption of energy storage in various end-user industries for grid and off-grid applications, the global energy storage market is expected to gain traction. The energy storage market offers the predicted growth opportunities because of falling costs of manufacturing of batteries, in conjugation with car manufacturers scaling up the production of electric vehicles. Stina Resources Ltd. (OTC: STNUF), Enphase Energy, Inc. (NASDAQ: ENPH), SolarEdge Technologies, Inc. (NASDAQ: SEDG), Johnson Controls International Plc (NYSE: JCI), Tesla Inc. (NASDAQ: TSLA)
GTM Research and the Energy Storage Association (ESA) indicate in a report that Lithium-ion batteries are a major component of the market. "Lithium-ion batteries dominated the energy storage market for the eleventh straight quarter, holding 94.2% of the market in Q2 2017. However, Q2 2017 was notable as the first quarter since Q3 2015 in which lithium-ion batteries had a market share of less than 95%. The majority of utility-scale projects deployed in Q2 2017 employed lithium-ion chemistry, and the technology is also favored in the behind-the-meter segment. Growing acceptance of lithium-ion is expected to cause this trend to continue over the next few years," GTM Research reports.
Stina Resources Ltd. (OTCQB: STNUF) also listed on the Canadian Stock Exchange under the Ticker 'SQA'. Announced that, "it in the final stages of negotiating a research agreement with the University of Calgary.
The research conducted by the University of Calgary will focus on vanadium redox flow batteries and the production of vanadium electrolytes. The first stage will involve the development of a battery stack based upon the technological specifications provided by the Pacific Northwest National Laboratory ("PNNL"). "We chose the University of Calgary because they already have worked with vanadium flow battery technology and they will deliver practical research within a short time-frame," said Brian Stecyk, President & CEO of Stina.
PNNL is the research leader in vanadium flow battery electrolytes and vanadium flow batteries. This initiative is part of their effort to commercialize the scientific technology they have developed. PNNL, operated by the Battelle Memorial Institute, is a scientific research complex located in Richland, Washington and owned by the US Department of Energy.
The development of a battery stack at the University of Calgary will permit evaluation of various vanadium electrolytes and, in particular, those involving vanadium from Stina's Bisoni McKay vanadium deposit in Nevada."
"Vanadium flow batteries are rapidly becoming one of the main electrical storage technologies for grid-storage. According to the US Department of Energy, there are already 59 installations worldwide. Stina has vanadium resources in Nevada and the University of Calgary's practical research will help us reach our long-term vision of being a vertically integrated producer of vanadium electrolytes," said Brian Stecyk, President & CEO of Stina.
Enphase Energy, Inc. (NASDAQ: ENPH) a global energy technology company, delivers smart, easy-to-use solutions that connect solar generation, storage and management on one intelligent platform. On November 1, the company announced that the Company is now shipping its AC Battery solution to customers in the Benelux region. The Enphase AC Battery is a key component of the Enphase Home Energy Solution, a truly integrated offering that combines solar generation, energy control and storage. The modular size of each 1.2kWh Enphase AC Battery enables installers to right-size each installation to match homeowners' unique energy needs, and gives them the flexibility to easily add more batteries in the future as their energy usage changes over time.
SolarEdge Technologies, Inc. (NASDAQ: SEDG) invented an intelligent inverter solution that revolutionized the way power is harvested and managed in a solar photovoltaic (PV) system. Addressing a broad range of solar market segments, from residential solar installations to commercial and small utility-scale solar installations, the SolarEdge system consists of inverters, power optimizers, storage solutions, and a cloud-based monitoring platform. On September 11, 2017, the company announced it and solar panel leader LG Electronics USA are debuting a joint smart module targeting the high-end residential and commercial PV rooftop markets in North America. On display at the 2017 Solar Power International trade show, the smart module solution, the first from the two powerhouses, is one of the most power-dense rooftop offerings on the market. It includes both add-on and embedded power optimizer options for both commercial and residential systems.
Johnson Controls International Plc (NYSE: JCI) offers two types of energy storage solutions - in-building and containerized. The company combines its world-class battery expertise, facilities knowledge and intelligent controls to handle multiple, concurrent applications and deliver the most economic benefit. All Johnson Controls Distributed Energy Storage systems are built to integrate into building systems providing unmatched customer value. Johnson Controls Distributed Energy Storage has thousands of kWh in commercial operation on projects across five continents.
Tesla Inc. (NASDAQ: TSLA) offers a full suite of energy products that incorporates solar, storage, and grid services. As the world's only fully integrated sustainable energy company, Tesla is at the vanguard of the world's inevitable shift towards a sustainable energy platform. According to a blog by The Tesla Team in July, Tesla was selected to provide a 100 MW/129 MWh Powerpack system to be paired with global renewable energy provider Neoen's Hornsdale Wind Farm near Jamestown, South Australia. Tesla was awarded the entire energy storage system component of the project. Upon completion by December 2017, this system will be the largest lithium-ion battery storage project in the world and will provide enough power for more than 30,000 homes, approximately equal to the amount of homes that lost power during the blackout period.
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