Canada’s Battery Technology is a Game Changer
CellCube Energy Storage Systems Inc. is a Canada-based battery company that makes batteries that could last for almost two decades. According to the company, the cost of their technology might decrease by 50% within four years. This will potentially increase its uptake over units built with lithium-ion.
The costs of vanadium flow battery units, which can provide power for about four hours, will decrease to up to $150 per kilowatt hour from the original $300, as stated by President Stefan Schauss in a phone interview this month. He also said that batteries that last up to eight hours would go down to $100 from $200.
The renewable energy and utilities supplier have been looking into sun-generated energy and the storage of intermittent wind power. This helps in balancing out the flow of power to deploy electricity when the demand spikes. As for the investment, about $620 billion is needed to meet the needs of the global energy storage which would surge to accruing 942 gigawatts by the year 2040.