The U.S. Department of Energy is launching a program to speed up the development and use of next-generation energy storage solutions and technologies, aiming to position the United States for global leadership in energy storage and make it independent of foreign sources of critical materials.
The Energy Storage Grand Challenge, launched by U.S. Energy Secretary Dan Brouillette, targets to create a secure domestic supply chain without the need of foreign sourced critical materials by 2030. The program also aims to make America a global leader in energy storage utilization and exports.
"Energy storage is key to capturing the full value of our diverse energy resources," Secretary Brouillette said in a statement.
"Through this Grand Challenge, we will deploy the Department's extensive resources and expertise to address the technology development, commercialization, manufacturing, valuation, and workforce challenges to position the U.S. for global leadership in the energy storage technologies of the future," Secretary Brouillette added.
The DOE will draft a coordinated research and development (R&D) roadmap to 2030 for a wide range of storage and flexibility technologies.
As global and U.S. use of renewable power sources and electric vehicles (EVs) grows, energy storage would be the next big investment opportunity in the energy sector, as scientists, researchers, and engineers continue to look for the ultimate solution in energy storage-cost-efficient batteries that can support increased deployment of solar and wind power. Related: Is Europe's Latest Gas Deal A Win-Win?
In the new decade, batteries and battery technology are set to play an increasingly important role in bringing more electric vehicles and renewable energy to the market, analysts say.
Rapidly declining costs and the potential to scale up existing and breakthrough battery and energy storage solutions are set to dramatically change the global mobility market and the power grid over the next ten years.
A lot of investments will be necessary in scaling up emerging battery and energy storage technology, as well as in the further development of lithium-ion batteries and alternative battery tech, to support the clean energy transition while global demand for electricity continues to rise.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. More