Tesla and GM are making big bets on lithium-ion batteries for energy storage systems and electric vehicles, but billionaire investors and venture capital firms are investing in competing battery technology, such as flow batteries.
The U.S. energy storage market is expected to grow by a factor of 12 in the next five years, from 430MW deployed in 2019 to more than 5GW and a value of more than $5 billion by 2024, says Wood Mackenzie Energy Storage Service.
Tesla and GM are making big bets on lithium-ion batteries for energy storage systems and electric vehicles, but billionaire investors and venture capital firms are investing in competing battery technology, such as flow batteries. Breakthrough Energy Ventures, the group of private investors led by Bill Gates and fellow billionaires Jeff Bezos, Michael Bloomberg, Richard Branson and Jack Ma, invested in iron-flow battery maker ESS in November. ESS, which makes long-duration, iron flow batteries, secured $30 million in a Series C investment round from Breakthrough Energy Ventures , the group of private investors led by Bill Gates and fellow billionaires Jeff Bezos, Michael Bloomberg, Richard Branson and Jack Ma, among others.A UN report on climate change released Nov. 26 amounted to a dire warning for Earth: Unless greenhouse gas emissions are drastically reduced, and soon, the planet faces dangerously and irreversibly high temperatures in the near future. The report also criticized the 195 nations that signed the 2015 Paris Agreement for not doing nearly enough to reduce emissions. Two days earlier the World Meteorological Organization reported that greenhouse gases reached a record high in 2018, with no sign of peaking.In the wake of recent catastrophic storms in the Caribbean, along with devastating fires and mandatory power shutoffs in California, billionaire investors and venture capital firms are viewing renewable energy storage systems as a stable bet in an unstable future. The U.S. energy storage market is expected to grow by a factor of 12 in the next five years — from 430 megawatts deployed in 2019 to more than 5 gigawatts — according to the Wood Mackenzie Energy Storage Service, a division of Wood Mackenzie Energy Research & Consultancy. The firm estimates that the total energy storage market value in the U.S. alone will be $5.3 billion by 2024.Energy storage systems enable commercial enterprises and power-sensitive facilities, such as hospitals, to continue running when traditional power sources and generators fail or are unable to function. In addition, clean energy batteries have proved to be an environmentally safer, lower-cost alternative to carbon-based fuels. They also represent a sustainable way to deal with the intermittency of renewable energy from solar and wind. In the early-1990s, lithium-ion energy storage systems replaced nickel cadmium batteries to serve the burgeoning cellphone and consumer electronics markets. More recently, they are being used in medical equipment and electric vehicles.
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