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Energy Storage Key to Carbon Neutral
in order to support the economics of renewables, energy storage allows for the capture of energy produced at one time for use at a later time and is the key to ensuring a carbon neutral world.
Zinc8 Energy Solutions
development of new, clean energy sources is of vital importance for a
sustainable society. As the world, collectively, is increasingly
pushing aside non-renewable source such as natural gas, oil and coal,
we look to clean energy sources such as hydropower, wind and solar
generation. However, in order to support the economics of renewables,
energy storage allows for the capture of energy produced at one time
for use at a later time and is the key to ensuring a carbon neutral
The total energy storage market is expected to grow to $546 billion in annual revenue by 2035, according to a report released by Lux Research. In the United States, the market value is forecast to increase from $720 million today to $5.1 billion in 2024 according to market research firm Wood Mackenzie Power & Renewables, with the United States already seeing a 93% increase in the energy storage systems deployed in the third quarter of 2019.
Decreasing costs in accessible technologies have driven interest in energy storage forward like never before. For example, the price of lithium batteries has fallen by nearly 80% over the past five years, allowing for more integration of energy storage into solar power systems. Even more affordable than lithium, is zinc. Zinc-Air batteries empower the lowest cost of energy storage in the market for long-duration applications, resolving the intermittency and unpredictable nature of renewable energy sources, such as wind and solar at an economic price.
cells lose their charge over time, whereas Zinc-air batteries maintain
their full charging compacity for the up to 20-year lifecycle of the
battery. Zinc-Air energy storage systems are capable of economically
storing energy from 8hrs to 100+hrs. This is considerably longer than
the 4-6-hour upper economic limit for lithium-ion. Thelithium-ion
battery costs flatten out at 6hrs, while Zinc-air battery costs per kWh
installed become even more cost effective the longer the duration.
growth of the energy storage market is driven by the growing demand for
high-capacity, safe, cost-effective, and eco-friendly energy storage
solutions. The global metal-air battery market size is estimated to
grow from USD 438 million in 2020 to USD 842 million by 2025; growing
at a CAGR of 14.0% reports ResearchAndMarkets.com which segments the market into zinc-air, lithium-air, aluminum-air, and iron-air.
Dependency on a supply chain of hardware components, metals and chemicals, many of which come from outside of North America, is a challenge for the growing energy storage industry. Metals such as lithium, vanadium, rare earths and cobalt used today in many energy storage batteries, are impacted by price volatility, geopolitical concerns, security of supply, as well as coronavirus-related supply chain disruptions. Those same risks do not apply to zinc energy flow batteries.
that are major producers of raw materials required for battery
production have been subject to strict restrictions to control the
spread of the virus. For example, Australian lithium production
companies have set up strict guidelines for businesses in the industry
in terms of long-distance travel restrictions. In contrast, zinc is
abundant in North America and its price has been very stable over the
past 20 years. All of the other major components of the Zinc-air
battery are also available North America which provides a low-cost,
robust and safe energy storage solution that has been unimpacted by the
pandemic. Zinc-air batteries are a homegrown solution supporting the
transition to a cleaner, greener post covid-19 world.
About the Author
Ron MacDonald is President and CEO of Zinc8 Energy Solutions
(CSE: ZAIR), the leader in Zinc-Air battery technology. The Zinc-Air
Flow Battery from Zinc8 Energy Solutions is an energy storage solution
designed to serve a wide range of long duration applications for
microgrids and utilities. He can be reached at: email@example.com and LinkedIn
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