Emerging Technologies and Innovations
- Flow Batteries:
- Vanadium Redox Flow Batteries (VRFBs) are well-developed and used in grid-scale applications due to their durability and scalability.
- Iron-based flow batteries are being explored to further reduce costs and expand applicability.
- Thermal Energy Storage:
- This involves converting electricity into heat, which is then stored and converted back into electricity. It uses materials like molten salts, sand, or concrete, making it cost-effective.
- Recent advancements include integrating thermal storage with concentrated solar power (CSP) systems, using phase-change materials, and thermochemical processes.
- Pumped Hydro Storage (PHS) and Compressed Air Energy Storage (CAES):
- These technologies are among those identified by the DOE as potentially achieving costs below $0.05/kWh with the right innovations.
- Sodium-Ion and Lead-Acid Batteries:
- These hold significant potential for cost reductions, roughly -$0.31/kWh, making them competitive options for LDES.
- Innovation Portfolios:
- The top 10% of innovation portfolios can reduce costs by 12%–85% across various LDES technologies, showcasing the potential to achieve the Long Duration Energy Storage Shot goals.
Strategy Assessments and Funding
- The Department of Energy’s Storage Innovations 2030 program aims to meet Long-Duration Storage Shot targets through strategic research, development, and deployment pathways.
- Implementing these innovations typically requires investments ranging from $100 million to $1 billion over 6–11 years.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-innovations-are-being-explored-to-reduce-the-cost-of-long-duration-energy-storage/
