Five Energy Storage Companies Revolutionizing Renewable Energy in 2023

Responsible corporations and governments are turning away from the simple goal of reduced fossil fuel reliance and towards a new goal of 24/7 carbon-free energy. However, for this to occur, a major problem has to be solved: how to store renewable energy after it has been produced. This article explores the innovative approaches five energy storage companies are taking to achieve this goal.

Why do we need energy storage solutions? 

Renewable energy production faces three primary challenges:

• Inflexibility - solar and wind generated energy cannot increase capacity on demand

• Vulnerability - most renewable energy is weather-dependent. This means that solar panels only generate electricity when the sun is shining, and wind farms cease to produce on still days.

• Excessive waste - if renewable energy isn’t utilized immediately it simply disappears. 

How energy storage companies are eliminating these challenges

Energy storage companies have been innovating ways to harness and store renewables, accelerating us towards a net-zero future. Their innovations are helping to offset the three primary challenges listed above. They do this by providing solutions that allow for:

• Flexibility - storage solutions can create banks of renewable energies that can be called upon during times of peak demand. 

• Reduced vulnerability - most storage solutions are weather independent, meaning they can store renewable energy for use on days that are overcast or still.

• Reduced waste - surplus energy that would have previously disappeared can now be captured and put to future use. 

There are two primary ways energy storage companies try to achieve this:

In front of the meter: this type of storage aims to increase the hours that a grid can utilize renewable energy. At the moment, there is a significant drop in renewable energy availability from 4pm-9pm when the sunsets. This leads to an increased reliance on fossil fuels during this time. By allowing solar and wind farms to store excess energy at the production site, reserves are available to feed into the grid during peak-demand hours, decreasing fossil fuel usage.

Behind the meter: This type of storage aims to reduce the pressure on the grid system by decentralizing power generation. Power is stored on the consumer’s site via lithium-ion, flow, or thermal batteries. This can enable the consumer’s site to go off grid during peak hours. 

These two types of solutions have a symbiotic relationship with one another. This means there is room in the market for a range of complementary energy storage solutions. 

The most innovative energy storage companies in 2023

We believe that there are five energy storage companies leading the pack:

Tesla Energy

Why it made the cut: 360% YoY Growth

Elon Musk’s brain child, Tesla, has taken their lithium-ion battery storage beyond automobiles and scaled it to include renewable storage solutions. Tesla offers two primary storage options: the powerwall, for home installations and the megapack, used by energy producers like solar farms. The powerwall is a behind-the-meter solution and sits discreetly on the side of the home. The Powerwall can either act as a backup power supply or take a house fully off-grid. In contrast, the megapack sits in-front-of-the-meter and stores excess energy generated by solar farms. The Powerpack can be utilized by the grid during peak hours when solar energy sources have previously been unavailable. 

Tesla’s technology is expanding rapidly with 360% YouY growth and some of the biggest new projects in the world - including a $500 million energy storage system in Arizona.

Siemens Gamesa

Why it made the cut: bespoke flexibility on an industrial scale

Siemens Gamesa creates a range of flexible and large-scale in-front-of-the-meter storage solutions individually tailored to their partners across the globe. Their projects often focus on utilizing dual solar and wind energy sources, using wind to offset the sunset. In conjunction with this, they use both lithium-ion and flow batteries to store excess energy on an industrial scale. This energy can then be released if (or when) solar or wind power supply is unavailable. 

Notable projects include the Bulgana Green Power Hub in Australia which stores and transfers wind generated power to 150,000 homes, and a first-of-its-kind hybrid station in Kavital, India which stores both wind and solar energy.

NextEra Energy: 

Why it made the cut: innovating in the inner-city

Any list would be incomplete without mentioning America’s largest energy storage company, NextEra. Aside from hosting some of the country’s largest solar storage facilities they’re also branching out into large-scale urban projects. One of their most interesting is an urban building sized battery located in the heart of Miami’s Wynwood neighborhood, which can power 7,000 homes for up to four hours at a time. This type of ‘heart of the city’ energy storage could be an innovative approach for a greener future if scaled. 

General Electric: 

Why it made the cut: Scalable Projects & Immortal Ambitions

General Electric’s “Reservoir Solution'' harnesses in-front-of-the-meter lithium-ion battery storage to provide greener, more reliable power to hundreds of thousands of consumers including large-scale agriculture, solar farms, and residential properties. One notable project includes a partnership with Arenko Group to supply 100,000 residential homes with power in the UK, one of the largest projects of its kind globally. They’re also working with MIT to create ‘IMMORTAL’ a conceptual advanced lithium battery with self-healing properties - watch this space. 

Nostromo Energy: 

Why it made the cut: Flattening the duck curve with IceBrick technology

Unlike the other entries on the list, Nostromo Energy offers a behind-the-meter thermal energy storage solution. Its target clientele includes corporations, hospitals, and universities whose buildings use commercial-grade chillers. Their innovative approach involves installing modular units onsite and using thermal IceBrick storage technology. The IceBricks “charge” by freezing during hours that cheap, renewable energies are readily available. The building then chooses when to release this stored energy - typically during peak hours. While in operation, the IceBrick eliminates the need for buildings to use electricity for cooling, reducing consumers’ carbon footprint and energy bills. As a bonus, the IceBrick solution decreases pressure on cities’ power grids during peak hours. Because the technology is made out of recycled materials, is water-based, and long-lasting it offers a safer alternative to lithium-ion batteries which can be hazardous to produce, dangerous to install on-site, and present significant end-of-life challenges.

To see examples of the Nostromo IceBrick solution in action, check out their work at the Beverly Hills Hilton & Waldorf Astoria, and Soroka University Medical Center.

The key takeaway

The innovative approaches of energy storage companies provide a positive outlook for a 24/7 carbon-free future. With widespread adaptations of both in-front-of-the-meter and behind-the-meter solutions, we can meet targets, decrease costs, and help stabilize energy supplies.