The cost of renewable energy is falling. But, as is the case in Australia, the cost of batteries needs to fall too for renewables to really take off.
Advances in energy storage technology have propelled an explosion in portable electronics and disrupted the way people live, work and communicate. It has also prompted a quiet revolution in the clean energy space. What started as the dream of lone visionaries is slowly turning into a movement of sorts, and Brisbane-based energy storage firm Redflow wants to make sure it’s well placed when energy markets switch enmasse to renewables.
“Energy storage systems provide the missing link in the renewable energy revolution by storing energy from when it is produced—when the wind blows or the sun shines—to when it is needed on a still day or at night,” says Simon Hackett, Redflow’s largest investor and non-executive director. In a best case scenario, energy storage systems, or batteries, harness uninterrupted power supply from renewable resources on a long-term basis. More significantly, they can help to make clean energy-based power plants a viable alternative to thermal power stations. While not quite there yet, technological advances and falling costs have made batteries more attractive to consumers.