Developments in the Energy Storage Market RSS Feed

Developments in the Energy Storage Market

According to data published by the GTM Research and the Energy Storage Association (ESA), the U.S. energy storage market is expected to be worth $3.1 billion by 2022, a ninefold increase from 2016 and a sixfold increase from this year. Revenues in 2017 will grow by 43% over 2016. The research also indicates that the residential segment of the energy storage market is contributed only 4% in total revenue in 2016, but by 2022, the residential segment alone will be a $1.2 billion market. The utility segment accounted for $252 million and 76% in 2016, and will continue to be the largest segment by 2022 at $1.3 billion. Stina Resources Ltd. (OTC: STNUF), The AES Corporation (NYSE: AES), SunPower Corporation (NASDAQ: SPWR), Sunrun Inc (NASDAQ: RUN), Maxwell Technologies Inc. (NASDAQ: MXWL)

Geographically, the market is segmented between the major cities of the country. “California will remain the undisputed king of the U.S. storage market over the next five years. Arizona, Hawaii, Massachusetts, New York and Texas will all battle for second place, with each market forming a significant chunk of deployments through 2022, driven by a combination of state mandates, resource-planning-related utility procurement, and the increasingly favorable economics of behind-the-meter storage projects,” GTM Research claims.

Stina Resources Ltd. (OTCQB: STNUF) also listed on the Canadian Stock Exchange under the Ticker ‘SQA’. Just earlier today the company announced breaking news that, “the definitive agreement for the acquisition of Pure Vanadium Corp. (“Pure”). This acquisition supports Stina’s long-term objective of becoming North America’s first vertically integrated producer of vanadium electrolyte for the energy storage industry. In July 2017, Stina announced a Letter of Intent with Pure Vanadium Corp., and following a thorough review of the company’s technology and other relevant matters a definitive agreement has now been finalized.

“The development of battery technology is progressing rapidly throughout the world with vanadium redox flow batteries being one of the main new technologies for grid-scale energy storage. The combination of our vanadium resources in Nevada and new applications for vanadium in battery technology will progress Stina towards its goal of being a leading vertically integrated producer of vanadium electrolyte,” said Brian Stecyk, President & CEO, Stina Resources Ltd.

Pure is a technology company involved in development of vanadium electrolyte for vanadium redox flow batteries used in grid-scale energy storage. Pure holds a portfolio of licenses for the production and sales of vanadium electrolytes. Pure’s licenses were granted by the Battelle Memorial Institute (“Battelle”), operator of Pacific Northwest National Laboratory (“PNNL”), a US Department of Energy National Laboratory,” located in the State of Washington, says Dusty McKinnon of Pure Vanadium.

The finalization of the definitive agreement and its execution will result in Pure becoming a wholly-owned subsidiary of Stina Resources Ltd., and the Company will assume all the assets and obligations owing in connection with Pure’s research & development (R&D) and business operations…”

The AES Corporation (NYSE: AES) is a Fortune 200 global power company. The company’s subsidiary AES Energy Storage is a leader in commercial energy storage solutions, which improve flexibility and reliability of the power system, and provide customers with a complete alternative to traditional energy infrastructure investments such as peaking power plants. On July 11, 2017, the company and Siemens AG announced their agreement to form a new global energy storage technology and services company under the name Fluence. The joint venture will bring together AES’ ten years of industry-defining experience deploying energy storage in seven countries with over a century of Siemens’ energy technology leadership and its global sales presence in more than 160 countries. Combining the proven AES Advancion and Siemens Siestorage energy storage platforms with expanded services, Fluence will offer customers a wider variety of options to meet the challenges of a rapidly transforming energy landscape.

SunPower Corporation (NASDAQ: SPWR) provides a diverse group of customers with complete solar solutions and services. On October 25, 2017, the company and AES Distributed Energy, Inc. announced that a SunPower® Oasis® Power Plant platform with an innovative solar plus storage facility is under development by AES DE on the Hawaiian island of Kaua‛i. AES DE will construct a 28-megawatt SunPower Oasis system at the site, as well as a 20-megawatt five-hour duration energy storage system. AES DE expects the project will be the largest solar-plus-utility-scale-battery system in the state of Hawai‛i, and one of the largest solar electricity storage systems in the world. The power generated and stored at the plant will serve customers of the Kaua‛i Island Utility Cooperative (KIUC).

Sunrun Inc (NASDAQ: RUN) provides clean energy to homeowners. On December 14, 2016, the company announced the availability of the Sunrun BrightBox™ solar energy generation and home battery storage service to homeowners across California. With BrightBox, Californians can enjoy a customized and innovative solution with little to no money down and Sunrun will maintain, monitor and insure the system for 20 years. Systems are available through a monthly or prepaid lease. Sunrun BrightBox is a best-in-class solar plus energy storage service that offers homeowners peace of mind during power outages by backing up the electrical circuits that matter most to homeowners. Importantly, BrightBox also saves homeowners money by seamlessly optimizing when a home uses electricity generated directly from the home’s solar system, stored in the battery, or sourced from the grid, resulting in maximum control over electricity bills.

Maxwell Technologies Inc. (NASDAQ: MXWL) is a global leader in the development and manufacture of innovative, cost-effective energy storage and power delivery solutions.

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