In the ever-evolving landscape of renewable energy, one technology stands out as the linchpin in this transition: Long-Duration Energy Storage (LDES). As we stand on the threshold of 2023, this year emerges as a watershed moment for LDES, catalyzing monumental investments and policy support that signal a seismic shift in the energy paradigm.
Here’s a glimpse of the robust investments in 2023:
3. European Union
The global stage is ablaze with transformative initiatives aimed at harnessing the power of LDES. In the United States, a staggering $325 million has been directed into 15 projects spanning 17 states. These ventures, notably led by Xcel Energy in partnership with Form Energy and the pioneering efforts of Rejoule, exemplify the potential of LDES in revolutionizing grid reliability and combatting climate change.
Across the pond, £30 million allocated for pioneering firms to upgrade the UK's energy system, with Synchrostor and Invinity Energy at the forefront in piloting and rolling out innovative LDES technologies. This follows the £32.8 million funding given to 5 UK energy storage projects in November 2022 for first-of-a-kind prototypes. So far, £69 million has been awarded through this programme, propelling innovative technologies like energy storage.
Simultaneously, the European Union is making significant strides, with Spain and Hungary earmarking substantial investments, fostering a fertile ground for the evolution of renewable energy storage. The Spanish government allocated EUR150 million for hybrid or co-located energy storage systems, while Hungary earmarked HUF58 billion to bolster renewable energy storage, with a potential total of HUF120 billion funding available by May 2025. Countries like the Germany, Italy & Greece already have massive projects ongoing in LDES.
Based on our data-based graph depicting global news and research growth (see our SCOUT panel below), we can confirm that LDES is gaining significant traction in 2023, with a promising outlook for further growth in 2024. 🚀 The panel below was generated by SCOUT, our Future Intelligence platform. Please, contact Shakti for the full interactive report here.
As the global momentum surges toward LDES, it becomes imperative for companies to position themselves strategically. Maintaining a technological edge, understanding evolving regulatory frameworks, and carving out a distinct market niche are pivotal. Here at MAPEGY, our AI and future intelligence align with these critical considerations, offering the insight and tools necessary for companies to navigate this burgeoning landscape successfully.
Looking ahead, 2024 appears to hold even more promise and growth for LDES. The door is wide open for those willing to embrace the shift towards reliable renewable energy. Join us in this transformative journey as we witness the energy landscape evolve, not just for today, but for generations to come.
Shakti Vel Ramesh Industry Expert and Key Account Manager at MAPEGY, will be the main actor on stage during this webinar. He brings to the table a variety of experience in Sales, Business Development & Key Account Management. He speaks English and Tamil.