CAMBRIDGE, Mass, Feb. 13, 2019 (GLOBE NEWSWIRE) -- Energy storage has always been a part of the power system, but mainly at the edges. Examples include uninterruptible power system storage, flywheels, ice-based storage and pumped hydro.
According to Wood Mackenzie Power and Renewables, the US energy storage market will be a $4.5 billion market in 2023. Behind-the-meter energy storage will account for more than half of the annual market in dollar terms by 2021.
Research and development efforts regularly prompt innovative ideas and approaches. Markets haven’t been ready for widespread adoption of new technology, though. Now, energy storage is poised to become a central piece of a rapidly growing clean power system – displacing fossil fuel generation, reducing emissions and providing power during weather-related outages.
To date, growth has been largely driven by storage initiatives and demonstration projects in state policy, rate-setting and incentives. Changes in federal rules for energy storage markets requiring equal treatment of energy storage with other power sources promise to drive even more adoption.
Given this impressive growth, there will be tremendous opportunities for start-ups, especially in the commercial, industrial and residential markets. Indicative of the changes coming to energy storage, solar company, Sunrun, which began with a Silicon Valley start-up investment, just won a bid to deliver home solar and batteries as a source of energy capacity to grid operator ISO New England. Sunrun won its bid to provide 20 megawatts of energy capacity to ISO New England from Sunrun’s Brightbox home solar and battery systems representing approximately 5,000 New England customers.
On Wednesday, February 27, MIT Enterprise Forum (MITEF) Cambridge ’s CleanTech Industry Group will host – Energy Storage: New Business Models Fuel Rapid Growth . This interactive session will highlight what startups need to know to participate in the rapidly growing clean power system. Set for the Bartos Theater at the MIT Weisner Building , Northbridge Energy Partners Principal and Forbes columnist Peter Kelly-Detwiler will moderate the discussion featuring experts including:
- Dan Berwick , General Manager, Energy Storage, Borrego Solar
- Alicia Barton , President and CEO, New York State Energy Research and Development Authority ( NYSERDA )
- Kelly Speakes-Backman , CEO, Energy Storage Association
- Charlotte Ancel , Director, Strategic Development, Eversource
- Joe Crespo , CEO, Genbright
With the price of energy storage technology still relatively high and ample barriers to entry, players in this market need to be creative in developing viable business models to attract investment and achieve success. Panelists will explore what startups need to know to participate:
- What government incentives and policies (local, state, federal) are in place to encourage greater adoption of energy storage in the commercial, industrial and residential markets?
- What storage technologies and services produce revenue streams now? What markets will become valuable in the next five years?
- How have investors and utilities influenced the development of new business models for both established companies and startups? Which of these models are most likely to be successful?
Event Details: Energy Storage: New Business Models Fuel Rapid Growth Wednesday, February 27, 2019 MIT Weisner Building, Building E15, Bartos Theater 20 Ames Street, Cambridge, MA 02139 5:30 - 6:00 p.m. - Registration & networking 6:00 - 7:00 p.m. - Panel discussion 7:00 - 7:30 p.m. – Audience Q&A 7:30 - 8:30 p.m. – Networking Registration and more information is available online . This event will be live-streamed - select the live-stream ticket option during checkout.
The evening is made possible by sponsors IE-Club Boston , CHEN PR , and Massachusetts Clean Energy Center .
About the MIT Enterprise Forum Cambridge The MIT Enterprise Forum Cambridge is the founding chapter and one of 27 worldwide chapters comprising the MIT Enterprise Forum, Inc . Celebrating its 40 th anniversary of offering more than 40 programs and events annually that inspire innovation, MIT Enterprise Forum Cambridge initiatives facilitate critical one-on-one mentoring while providing team services that increase the skills and expertise necessary for entrepreneurs to succeed.
PRESS CONTACT: Courtney Kruzement CHEN PR for MIT Enterprise Forum Cambridge 781-672-3132 ckruzement@chenpr.com
