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

November 13, 2025
Recurrent Energy's 150MW Carwarp Solar Farm in Victoria and Global Power Generation (GPG) Australia's 200MW Glenellen Solar Farm in New South Wales have registered with AEMO’s Market Management System.
November 12, 2025
Nextracker has rebranded itself as ‘Nextpower’ to reflect what the company said was its evolution from solar tracker supplier to a “full-platform” provider of integrated energy solutions.
November 12, 2025
Changing economic and demographic trends across the world will drive an increasingly complex energy mix over the coming years, says the IEA.
November 12, 2025
Qcells has announced plans to reduce pay and working hours for one-third of its 3,000 employees in the US state of Georgia.
Premium
November 12, 2025
PV Talk: Stefano N. Granata of STS discusses the growing momentum behind back contact cell technology as manufacturers and investors embrace higher-efficiency solutions.
November 12, 2025
The European Bank for Reconstruction and Development (EBRD) has increased its equity stake in Infinity by US$40 million.

Upcoming Events

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 24, 2026
Lisbon, Portugal
Solar Media Events
June 16, 2026
Napa, USA