Grid-based battery energy storage solutions

The rise in demand for electric vehicles (EVs) worldwide, driven by governments’ rebates to curb carbon emissions, has spurred advancements in battery technology. Significant research funding has gone into the EV battery to achieve the objectives of a high number of charge cycles, distance, and low weight and volume, with Chinese companies, CATL and BYD are leading the way. These developments and the economies of scale have resulted in a constant decline in the cost of storage batteries. Lately, falling international prices of raw materials have pushed the small battery manufacturers out, leaving a few major players, mainly from China. Once dominant, Nickel Manganese Cadmium batteries are being replaced by Lithium Iron Phosphate technology, which now holds nearly half the market share. Benefiting from the rapid improvements in storage technology, battery-based energy storage systems (BESS) are gaining acceptance at the grid-scale level to address the intermittent nature of variable renewable energy (VRE) sources like wind and solar. With the large-scale induction of VRE in the grid, concerns about their irregular output are rising.