The battery energy storage market is experiencing explosive growth, with the global market forecasted to more than double from $6.91bn currently to $14.89bn by 2027. This growth is driven by a growing awareness that storage resources, particularly long duration storage resources, are critical for decarbonization. The UK pipeline of operational, under construction, or planned energy storage projects has increased by more than two-thirds in capacity since 2022, from 50.3GW to 84.8GW. The European BESS market shows the same trend, with 22GW of battery storage in the pipeline until 2026 alone.
Pioneering Iron-Air Batteries
Form Energy is pioneering iron-air batteries that work on a very different principle. When charging, the application of an electrical current converts rust to iron, and the battery, made up of cells including iron and air, stores electricity for 100 hours at system costs competitive with legacy power plants. These batteries were recently cleared for a demo at one of America’s largest solar plants.
Promising Nickel-Zinc Batteries
Another promising technology is nickel-zinc batteries, which a California start-up believes can unlock the potential of a battery first invented by Thomas Edison. The breakthrough technology is a new electrode that Enzinc, the company commercialising it, claims can solve the problem of short battery life, resulting in a battery as powerful as lithium and as safe as lead.
