As the world transitions to intermittent renewables like wind and solar power, energy storage solutions will play an increasingly important role.
Because demand for energy ebbs and flows throughout the day, battery storage technology is necessary to capture, store, and release energy as needed in order to make renewable sources a consistent input into the energy grid.
This growing need will require new and innovative battery storage solutions that are able to efficiently store and release energy on demand. A number of companies are currently developing new energy storage solutions.
According to a recent Bloomberg New Energy Outlook report, the energy storage market is expected to grow exponentially to 1,028 GWh by 2033. Leading the way is California and New York. Both states have asked their respective state utilities to install significantly more battery storage capacity over the coming decade.
Energy storage is a growing section of the market that every green investor should keep an eye on. Here are five stocks to watch as the need for energy storage technology grows over the coming decade:
1. Zinc8 Energy Solutions- (OTCMKTS: ZAIRF)
Zinc8 Energy Solutions is developing innovative battery technology that utilizes zinc and air as fuel for energy storage. The company says that its zinc-air regenerative fuel cell system resolves the intermittent and unpredictable nature of renewable energy sources such as wind and solar by providing longer durations of energy storage capabilities.
The Zinc8 energy storage system is based upon unique and patented zinc-air battery technology. Energy from the grid is stored in the form of zinc particles, similar in size to grains of sand. When the energy system is delivering power, the zinc particles are combined with oxygen drawn from the surrounding air. When the system is recharging, zinc particles are regenerated, and oxygen is returned to the surrounding air.
The company's zinc-powered storage system offers numerous advantages over traditional lithium-ion based battery storage systems- not only is zinc a lower cost alternative to lithium, but the storage duration time offers the potential to be significantly longer. Lithium batteries are very expensive to make, and zinc is potentially a low cost alternative.
The company and its partner Digital Energy Corp, recently signed a host site agreement with Fresh Meadows Community Apartments in New York City to install a 100kW/1.5MWh zinc energy storage system to demonstrate its long duration energy storage capability. The agreement is being financially supported by The New York State Energy Research and Development Authority with a contribution of C$575,000.
Zinc8 was also recently named a "Best-in-Class" solution in the Energy Storage Category for the Real Estate Board of New York's 2022 PropTech Challenge.
Shares of Zinc8 trade in the U.S under the symbol ZAIRF as well as in Canada on the Canadian Securities Exchange under the symbol ZAIR. For more information visit www.zinc8energy.com
2. ESS Tech- (NYSE: GWH)
ESS Tech, an energy storage company, produces iron flow batteries for commercial and utility-scale energy storage applications worldwide. The company was founded in 2011 and is headquartered in Wilsonville, Oregon.
The company recently expanded its operations in Europe to meet strong and growing demand for long-duration energy solutions. ESS is scheduled to commence deployment of its long-duration batteries in the second half of 2022. The company has already received customer orders for 17 systems, which will provide a combined capacity of 8.5 MWh to support an EU-backed solar farm in Spain.
Shares of ESS are available on NYSE under the ticker symbol GWH.
3. Fluence Energy- (NASDAQ: FLNC)
Fluence Energy is a clean technology company focused on energy storage products and services as well as providing digital applications for renewables and storage. The company operates in 30 markets worldwide and has developed an ecosystem of product offerings to drive the clean energy transition.
The company recently announced that it had been awarded the 60 MW battery-based energy storage system contract for Taiwan Power Company’s Taoyuan Longtan ultra-high voltage substation. Fluence plans to leverage its extensive global deployment experience, advanced technology, and strong local delivery to support Taiwan in achieving its climate goal of 20% renewable energy by 2025.
Fluence Energy trades on the NASDAQ under the ticker symbol FLNC.
4. Freyr Battery- (NYSE: FREY)
Founded in 2018, Freyr Battery specializes in the design and manufacturing of lithium-ion battery cells for stationary energy storage, electric mobility, and marine applications internationally.
Honeywell and Freyr Battery recently announced an agreement in which Freyr will leverage Honeywell's leading technology offerings, including integrated automation, field instrumentation and security integration solutions in their own manufacturing process. As part of the collaboration, Honeywell has agreed to purchase 19 GWh of battery cells produced by Freyr from 2023 through 2030 for a multitude of energy storage systems applications.
Freyr shares are available on the NYSE under the ticker symbol FREY.
5. Eos Energy- (NASDAQ: EOSE)
Eos Energy designs, manufactures, and deploys battery storage solutions across renewable energy markets throughout the United States. The company provides stationary battery storage solutions. The company's flagship product is the Eos Znyth DC battery system, designed to meet the requirements of the grid-scale energy storage market.
The company recently announced that it has secured its largest customer order to date- a commitment from Blue Ridge Power to purchase 300MWh of energy storage systems over the next two years. Installation is scheduled to begin in summer 2022 at a site owned by developer Pine Gate Renewables.
Eos Energy is tradable on the NASDAQ, ticker symbol EOSE.
Energy storage will be crucial in the move to a greener future. Listed below are additional battery storage stocks to watch:
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