Recording of Thursday, June 20, 2024 | The smarter E Europe | Exhibition Program | Language: English | Duration: 14:01 .
Energy Vault is a Swiss-American company specializing in versatile energy storage solutions. Unlike other companies focusing on single methods, Energy Vault categorizes storage into short, long, and ultra-long durations. The company's global footprint spans from the United States to Australia with its main headquarters now located in Los Angeles after starting out in Switzerland. The speaker highlights that energy storage is crucial for advancing renewable energy due to its intermittency issues. They note significant cost reductions in both solar panels and lithium battery systems as key factors driving their adoption. For example, lithium battery prices have plummeted from over $700 per kWh ten years ago to approaching $100 today. Despite these advancements, achieving longer duration storage (e.g., beyond 48 hours) requires international collaboration and careful market design including incentives similar to those initially used for renewables. In Europe, coordinated efforts at the EU level are lacking compared to sporadic initiatives seen in countries like the UK and Spain. Energy Vault focuses on developing a portfolio of technologies including innovative approaches akin to pumped hydro storage but adapted for areas without suitable geographical features such as mountains or water resources.
Automated summarization by AI Conver
Storing energy for longer can safely provide additional flexibility for a power system relying on renewable energy sources, and thus plays an important role in a successful energy transition. Co-hosted by LDES and IBESA, this session will dive headfirst into the topic of long duration energy storage systems - learn about current market dynamics, technologies and more!
Further Talks of this session: