Since their development back in the ‘70s and ‘80s, lithium-ion batteries completely revolutionized the world. They allowed manufacturers to make computers and phones smaller, lighter and more portable, completely changing the way we communicated with each other, worked and accessed information.
Decades after physicist and chemist John B. Goodenough invented the lithium-ion battery, they are poised to change the world again. In a bid to reduce carbon emissions, governments across the world are planning on steadily replacing internal combustion engine cars with battery-powered electric cars.
However, a report from independent market research firm IDTechEx shows that lithium-ion chemistries will have competition from other types of battery chemistries in the stationary energy storage market. The report estimates that nonlithium ion chemistries will make up more than 10% of the market by 2025, a significant increase from less than 5% of the market in 2021.
As the nascent electric vehicle industry grows amid national efforts to shift from fossil fuels to green, renewable energy, IDTechEx says, the need for stationary power solutions will grow as well.
The report says that the need for low-cost, long-duration power storage will especially increase to allow for a variety of renewable power sources. For instance, solar and wind energy could be collected when supply is high then stored and released back into the grid when demand for power is high. Lithium-ion batteries may struggle to generate a profit from exploiting electricity price variations in the six- to eight-hour storage windows, the report said.
According to IDTechEx, tweaking and improving alternative battery storage technologies is a great way to make them more appealing. Several companies have already begun doing this, unveiling prototypes and rolling out battery systems for first adopters.
For instance, IDTechEx says in its report that companies are already developing and commercializing battery chemistries based on low-cost materials such as iron and zinc. In 2021, Form Energy raised $200 million to develop a new iron air battery that can provide electricity for 100 hours. In the same year, Ambri Inc. raised $144 million for its high-temperature battery, and Enervenue raised $100 million for its nickel-hydrogen hybrid battery.
The report also mentioned that companies such as Energy Vault and Highview Energy, which are working on nonelectrochemical energy-storage solutions, also raised plenty of funding in 2021.
The independent researcher predicts that nonlithium ion technologies, such as the vanadium redox flow batteries being made by StorEn Technologies Inc. that are cheaper, more accessible, and safer to both users and the environment, will gain market prevalence in the next few years.
NOTE TO INVESTORS: The latest news and updates relating to StorEn Technologies Inc. are available in the company’s newsroom at https://ibn.fm/StorEn
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