Tesla and GM are making big bets on lithium-ion batteries for energy storage systems and electric vehicles, but billionaire investors and venture capital firms are investing in competing battery technology, such as flow batteries.
The U.S. energy storage market is expected to grow by a factor of 12 in the next five years, from 430MW deployed in 2019 to more than 5GW and a value of more than $5 billion by 2024, says Wood Mackenzie Energy Storage Service.
Breakthrough Energy Ventures, the group of private investors led by Bill Gates and fellow billionaires Jeff Bezos, Michael Bloomberg, Richard Branson and Jack Ma, invested in iron-flow battery maker ESS in November. ESS, which makes long-duration, iron flow batteries, secured $30 million in a Series C investment round from Breakthrough Energy Ventures , the group of private investors led by Bill Gates and fellow billionaires Jeff Bezos, Michael Bloomberg, Richard Branson and Jack Ma, among others.A UN report on climate change released Nov.
The U.S. energy storage market is expected to grow by a factor of 12 in the next five years — from 430 megawatts deployed in 2019 to more than 5 gigawatts — according to the Wood Mackenzie Energy Storage Service, a division of Wood Mackenzie Energy Research & Consultancy. The firm estimates that the total energy storage market value in the U.S. alone will be $5.3 billion by 2024.
In the early-1990s, lithium-ion energy storage systems replaced nickel cadmium batteries to serve the burgeoning cellphone and consumer electronics markets. More recently, they are being used in medical equipment and electric vehicles.
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