There are several battery storage technologies available to businesses. Deciding upon the best-fit available now against an evolving technology landscape can be daunting. While technology features of certain batteries may be appealing, this should be weighed up against a variable, long-term use-case that delivers the highest value and decarbonisation returns. Additionally, a battery supported by market design and sophisticated software that can manage energy flows across key value objectives will ultimately deliver the best outcome across the stakeholder spectrum.
A summary of battery technologies in the market today include:
- Lithium-ion Batteries
Lithium-ion batteries are the most prevalent type of batteries used in various applications due to their high energy density, long cycle life, and relatively low maintenance requirements. They use lithium compounds as the electrode material. Available in various sizes and configurations, makes them suitable for a wide range of business applications.
- Lead-Acid Batteries
Lead-acid batteries are one of the oldest types of rechargeable batteries. They consist of lead dioxide (positive electrode), lead (negative electrode), and sulfuric acid electrolyte. They are relatively inexpensive but have lower energy density and shorter lifespan compared to lithium-ion batteries. Commonly used for backup power systems such as uninterruptible power supplies (UPS), and off-grid solar systems, lead-acid batteries are widely available, cost-effective, and suitable for applications where energy density is not a primary concern.
- Flow Batteries
Flow batteries store energy in electrolyte solutions contained in external tanks. They offer scalability and long cycle life but typically have lower energy density compared to lithium-ion batteries. They typically use vanadium, zinc-bromine, or other redox-active materials. Flow batteries can be easily scaled up by increasing the size of the electrolyte tanks, making them suitable for large-scale energy storage applications.
- Sodium-ion Batteries
Sodium-ion batteries are an emerging technology that uses sodium ions as charge carriers. They are similar to lithium-ion batteries but use more abundant sodium instead of lithium. Sodium-ion batteries have the potential to be cheaper and more environmentally friendly compared to lithium-ion batteries due to the abundance of sodium resources.
- Nickel-based Batteries
Nickel-based batteries include nickel-cadmium (Ni-Cd) and nickel-metal hydride (Ni-MH) batteries. They offer high energy density and reliability but are less commonly used compared to lithium-ion batteries. With nickel compounds as electrode materials, nickel-based batteries are generally used in niche applications such as backup power systems, emergency lighting, and standby power for telecommunications equipment in commercial settings.
Taking account of emerging technologies, we are seeing evolution of the following battery types:
- Solid-State Batteries
Solid-state batteries replace the liquid or gel electrolyte found in traditional lithium-ion batteries with a solid electrolyte, offering potential advantages in energy density, safety, and longevity.
- Lithium-Sulfur Batteries
Lithium-sulfur batteries use sulfur as the cathode material instead of the metal oxides used in traditional lithium-ion batteries. They offer the potential for higher energy density and lower cost.
- Metal-Air Batteries
Metal-air batteries use oxygen from the air as the cathode material, typically paired with a metal anode. They offer high theoretical energy density but face challenges related to rechargeability and stability. While theoretical at this stage, metal-air batteries could unlock extremely high energy density due to the use of atmospheric oxygen, potentially enabling usage in long-range electric vehicles and grid-scale energy storage.
- Flow Batteries with New Electrolytes
Research into flow batteries is focussed on developing new electrolyte chemistries to improve energy density, efficiency, and cost-effectiveness. Enhanced performance characteristics such as higher energy density, longer cycle life, and improved efficiency.
These advances in battery storage technology hold promise for transforming various industries by enabling the widespread adoption of renewable energy, electrification of transportation, and more efficient energy storage solutions for businesses and consumers alike. However, it’s important to note that while many of these technologies show great potential, commercialisation and widespread adoption may still be several years away for some advancements.