Innovative Energy Storage Companies Get Big Financial Backers
by Vikas Vij
In 2014, wind turbines accounted for 45 percent of new power production in the U.S., while solar made up more than a third of the world’s fresh energy capacity. However, an expensive hurdle that continues is how to store this energy when the breeze is not blowing or the sun is not shining.With more than $5 billion invested in cutting-edge battery technologies over the past decade, this situation is set to change.
Innovative battery makers are convinced that new batteries can hold enough clean energy to run a car, home, or building, and store power from wind or solar farms. Sustainable batteries can replace generators in dirty electricity grids and cut down the need for more fossil fuel plants. According to Navigant Consulting, the market for energy storage capacity is set to increase nearly 10-fold in three years to 2,400 MW.
Image Credit: Flickr via RDECOM
Vikas is a staff writer for the Sustainable Development news and editorial section on Justmeans. He is an MBA with 20 years of managerial and entrepreneurial experience and global travel. He is the author of "The Power of Money" (Scholars, 2003), a book that presents a revolutionary monetary economic theory on poverty alleviation in the developing world. Vikas is also the official writer for an international social project for developing nations "Decisions for Life" run in collaboration between the ILO, the University of Amsterdam and the Indian Institute of Management.