Supply chain constraints impacting the energy storage industry have come at a “critical” stage for the sector’s development, a BloombergNEF analyst has said.
High cost and material availability are the main non-technical barriers to energy storage deployment at the scale needed, according to a new report from MIT.
Although different energy storage technologies are often thought of as in competition with each other, it’s a case of all-hands-on-deck if we are to achieve deployment targets.
Pandemic-related supply chain issues for lithium battery materials hitting the energy storage space are just “bumps in the road” for the sector, and the supply chain will “come out stronger because of it”.
Supply chain shocks are causing short-term rises in the price of lithium-ion battery packs, but overall the price trend is downward and by 2024 average prices could dip below US$100/kWh.
Long-duration energy storage has a crucial role to play in decarbonising the global energy system sufficiently to avoid catastrophic climate change as long as its value can be unlocked.
