Global energy storage market to grow 13-fold by 20
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Posted On: 07/16/2020 12:58:43 PM
Global energy storage market to grow 13-fold by 2025
This Wood Mackenzie press release dated April 1, 2020 speaks to the rapid growth of utility (electric grid) and residential-level energy storage market. Utilities are utilizing lithium energy storage solutions as a means of providing more efficient power to the electric grid. Additionally, lithium energy storage is currently the most efficient way to store solar power.
Unfortunately, in part due to a rapidly growing industry with more energy storage systems being put into place, battery fires/explosions are inevitable. In the last 12 months, there were more than 20 energy storage fires in Korea . In the U.S., last year's Arizona battery facility explosion caused industry wide concern and the need for improved safety.
Today, KULR Technology (OTCQB: KULR) announced commercializing battery safety technology with Volta Energy, to be used in energy storage systems for residential, commercial, and industrial applications. In the press release KULR CEO stated "technologies that promote battery safety are of great importance for utility and industrial energy storage industries and is a primary focus for KULR."
If KULR can capitalize on the rapid growth of utility and residential level energy storage by raising industry awareness of it's battery safety technologies and ultimately forging new partnerships with energy storage manufacturers, this would be a game changer.
It will be interesting to see how story line progresses.
Last year, KULR announced a partnership with Leidos (NYSE: LDOS) and NASA to utilize its TRS technology to safely transport and store lithium-ion batteries aboard the International Space Station. KULR recently announced licensing its passive propagation technologies to Americase, the global leader in providing the electronics industry with packaging solutions for product recalls arising from defective or damaged batteries.
This Wood Mackenzie press release dated April 1, 2020 speaks to the rapid growth of utility (electric grid) and residential-level energy storage market. Utilities are utilizing lithium energy storage solutions as a means of providing more efficient power to the electric grid. Additionally, lithium energy storage is currently the most efficient way to store solar power.
Unfortunately, in part due to a rapidly growing industry with more energy storage systems being put into place, battery fires/explosions are inevitable. In the last 12 months, there were more than 20 energy storage fires in Korea . In the U.S., last year's Arizona battery facility explosion caused industry wide concern and the need for improved safety.
Today, KULR Technology (OTCQB: KULR) announced commercializing battery safety technology with Volta Energy, to be used in energy storage systems for residential, commercial, and industrial applications. In the press release KULR CEO stated "technologies that promote battery safety are of great importance for utility and industrial energy storage industries and is a primary focus for KULR."
If KULR can capitalize on the rapid growth of utility and residential level energy storage by raising industry awareness of it's battery safety technologies and ultimately forging new partnerships with energy storage manufacturers, this would be a game changer.
It will be interesting to see how story line progresses.
Last year, KULR announced a partnership with Leidos (NYSE: LDOS) and NASA to utilize its TRS technology to safely transport and store lithium-ion batteries aboard the International Space Station. KULR recently announced licensing its passive propagation technologies to Americase, the global leader in providing the electronics industry with packaging solutions for product recalls arising from defective or damaged batteries.
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