Grid Battery Storage: Four Reasons to Invest
The emerging battery storage market will present new opportunities for investors.
Think of a product — chances are that Hawaii has to import it. From food and cars to electronics and building materials, there are few areas where the U.S. state is self-sufficient — and energy is no different.
Hawaii is in the middle of the Pacific Ocean and about 2,400 miles from California, its closest neighbouring U.S. state, so it clearly cannot link to a grid on the U.S. mainland. But it is still reliant on the mainland for the imported oil and petroleum from which it generates almost 90 percent of its energy.
Hawaii is now looking to change that. It has spent the last six years embracing renewable energy to reduce its reliance on imported fuels. Its efforts are an interesting case study on how nations are set to use energy storage to cope with fluctuating production from sources such as wind farms.
It also highlights some important reasons why investors in wind and solar should be interested in storage, particularly battery storage.
Here are four reasons why you should take this technology seriously:
1. Opening Remote Regions
The situation in Hawaii shows us the problems for islands if they develop renewable sources but can’t store the energy. Storage is now a vital part of the island’s ambitious attempts to go green.
In January 2008, the state of Hawaii and the U.S. Department of Energy launched the Hawaii Clean Energy Initiative so business leaders, policy makers and citizens could find a way for the island to become energy independent. This set a goal of 70 percent of energy from renewable sources by 2030.
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