Battery storage is an emerging technology that can change how we use electricity in our homes by storing excess solar power during the day and using it at night or when our grid goes down.
With prices for lithium-ion batteries decreasing by 85% over the last decade, energy storage and electric vehicle production are now commercially viable.
As a result, North America could soon be home to a booming energy storage market, with the potential for growth reaching $426 billion over the next 10 years.
Battery energy storage is a technology that's not only here to stay but one that's primed for explosive growth.
Green Up the Grid With Battery Storage
One of the ways battery storage is changing our world is by helping us green up the grid. Battery storage can help by storing excess renewable energy when the sun is shining, or the wind is blowing and then releasing that energy when the grid needs it.
This helps to reduce our reliance on traditional fossil fuel-based power sources, which creates a cleaner, more sustainable world and saves us money in the long run.
According to the American Society of Civil Engineers, there were more than 3,500 outages in 2015. That said, utility-scale battery storage can help us become more resilient against outages caused by extreme weather events.
This is particularly important for utilities that need reliable power sources during emergencies like hurricanes or snowstorms.
That's because many people rely on electricity to keep critical medical devices running or power generators going so that they can stay warm in frigid temperatures.
How Do Batteries Fit In with Renewable Energy?
Battery storage can also help to integrate renewable energy into the grid. When there's more demand for electricity than what renewable sources can provide, battery storage can step in and fill the gap.
That helps reduce our reliance on traditional power plants that run on fossil fuels and makes it easier for renewables to become a larger part of our overall energy mix.
This is important because the more renewables we can get onto the grid, the less pollution and greenhouse gas emissions we're putting into our atmosphere.
RE Royalties Ltd. entered into an agreement with Nomad Transportable Power Systems Inc., a company co-founded by KORE Power Inc., a US-based battery manufacturer, and Northern Reliability Inc., an energy systems integrator with over 50 years experience implementing storage projects around the world.
NOMAD is a first mover in the utility, commercial and industrial-scale mobile energy storage sector and was founded in response to demand for a more flexible, transportable battery energy storage system.
How Energy Storage Could Revolutionize Industries in the Next 10 Years
In addition to helping us achieve our environmental goals, battery storage has the potential to revolutionize entire industries in the next decade:
Hospitals: Battery storage can help hospitals become more energy independent by storing excess power during the day to use at night or during a grid outage. It would keep critical medical devices running during an outage.
Data Centers: Data centers are one of the biggest consumers of electricity in the world, and they're only going to increase in demand as our reliance on digital technologies grows. Battery storage can help data centers reduce their dependence on the grid and become more energy-efficient.
Transportation: Electric vehicles are becoming increasingly popular. But there's still some hesitation from consumers about whether or not they can rely on them to get around. Large-scale battery storage can help solve that problem by providing a backup power source for electric cars in case of an emergency.
Industrial Facilities: Battery storage allows industrial facilities to store excess power during off-peak hours and use it later when demand is higher. This helps improve their energy efficiency while also reducing costs for customers who pay more per kilowatt-hour during peak times of the day.
The Bottom Line
Battery storage is a game-changer, plain and simple. It's helping us bring more renewables onto the grid in a cost-effective way and enabling us to reduce our reliance on traditional power plants that run on fossil fuels.
It also allows for new technology like microgrids, which could be used by hospitals or data centers during an outage.
Large-scale battery storage is changing our world by making it easier than ever to transition away from fossil fuels and move towards clean energy sources that are better for our planet.
How Can RE Royalties Help?
RE Royalties is committed to providing unique financing solutions to companies looking to develop renewable energy systems. As a result, we allow our clients the opportunity to grow their business while reducing greenhouse gas emissions, without worrying about financial restrictions.
We believe it is vital to invest in sustainable infrastructure to take action on climate change, create a net-zero emissions future, and create energy security for citizens. Likewise, we support operators who are looking for solutions to fight climate change and meet future energy reliability needs in a more sustainable way.
If your organization is ready to take a step forward in the fight against climate change, RE Royalties is ready to help you meet your financing needs. Contact us here.