Boston Consulting and Pike Research estimate 30% increase in use of battery technologies

February 24, 2012
Facebook
Twitter
LinkedIn
Reddit
Email

Market research firms Boston Consulting and Pike Research, have estimated a growth of more than US$10 billion over the next five years for the stationary energy storage market. An increased use of advanced battery technologies and new smart-grid technologies to enable the wide-scale use of wind and solar energy has could lead to as much as a 30% increase.

This has been facilitated by the latest round of funding grant awards from the US Department of Energy’s American Recovery and Reinvestment Act 2009 Storage Demonstration program. This and enabled companies like EnerVault to complete its first installation. The company’s 1MWh system will be installed with partner Raytheon Ktech at a solar installation near Turlock, California, US.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

EnerVault has announced the completion of a US$15.5 million Series B financing, bringing total funding to date to US$24.5 million. The company's investors include Mitsui Global Investment, Total Energy Ventures, 3M, TEL Venture, Commercial Energy of California, Oceanshore Ventures and US Invest. The investor funds compliment the company's grant awards totalling $5.5 million from the US DOE, California Energy Commission and New York State Energy Research and Development Authority. EnerVault is developing energy storage systems based on a novel redox flow battery technology.

“Redox flow batteries are creating a new paradigm for grid-scale energy storage,” said Richard See, investment partner at MGI. “Because you scale the power independently of energy storage capacity, you can tailor the system to the needs of the application. EnerVault's approach expands upon the fundamental configuring and sizing benefits of flow batteries to yield the best approach for utility-scale electricity. The more energy needed, the lower the costs, so it's ideally suited for a number of situations where more than an hour or two of storage is needed.”

“There is a high level of interest in our systems for addressing the stationary energy storage market,” commented EnerVault CEO and co-founder Dr. Craig R. Horne.  “Utilizing our patented Engineered Cascade technology, we are able to develop large-scale energy storage systems needed in a variety of applications with an unmatched combination of cost-effectiveness, safety and reliability.”
 

Read Next

October 30, 2025
Meridian Energy, a New Zealand state-owned energy company, has begun the construction of its 230GWh Ruakaka solar plant. 
October 29, 2025
The European Bank for Reconstruction and Development (EBRD) has provided US$142 million in financing for the construction of a 1GW solar and 1.3GWh BESS portfolio in Uzbekistan.
Premium
October 29, 2025
Damage to solar from so-called Natural Catastrophe events is increasing as the technology expands its reach and weather conditions worsen.
October 29, 2025
Greenvolt and European Energy have finalised financial deals for solar-plus-storage projects in Denmark and Latvia.
October 29, 2025
NextEra Energy Resources added 3GW of new renewable energy generation and storage capacity to its portfolio in the third quarter of 2025.
October 29, 2025
French firms TotalEnergies and EDF, with local partners, secured contracts for 400MW and 600MW solar projects in Saudi Arabia, supporting Vision 2030 renewable goals.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 12, 2025
10am PST / 1pm EST
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany