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Battery Storage
JANUARY 2015
i3 Insights Into Electrochemical Energy Storage
AUTHOR: QUITTERIE DE RIVOYRE, RESEARCH ANALYST, CLEANTECH GROUP
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Introduction
Advanced energy storage has been a key enabling technology for the portable electronics explosion. Less than 40 years
after their invention, the lithium and nickel metal hybride (Ni-MeH) technologies have taken over the electronics industry
and they are, with other types of batteries, on the same track for the transportation industry and the utility grid. If renew able
energy is to become prevalent, energy storage is a critical component in shifting peak power demands and reconciling the
intermittent nature of solar and wind power with an always-on grid. An electric economy will demand more electrification of
the transportation sector and it is likely that all vehicles sold by the end of this decade will have some level of hybridization.
Energy storage capabilities in conjunction with the smart grid are expected to see a massive leap forward over the next 25
years. The good news is, the number of patent applications related to regenerative cells like redox flow batteries doubled from
2009 to 2011 and the volume of patent fillings in technologies related to lithium remains growing. Batteries have come a long
way since the first Volt cell in 1800. Rechargeable, also known as secondary, batteries have evolved over the years from lead
acid (Pb-acid) (1859) through flow batteries (1880), nickel–cadmium (NiCd) (1899) and nickel–metal hydride (Ni-MeH)
(mid-1980s) to Lithium-ion (Li-Ion) (1977).
We have conducted a research project to build extensive i3 coverage in Storage. This report presents some of that data, as
it will highlight i3’s insights around the challenges and innovations in the electrochemical storage space. In addition, the
following sections will highlight trends in investments and partnerships in 2014.
2014 has been an interesting year for the energy storage sector, but especially for electrochemical storage technologies. On the
side of electricity grid applications, the year seems to have been the start of a transformative period. With 72 deals and more
than $590 million invested in the sector, 2014 was a fruitful year for battery manufacturers in particular, who received a fa ir
amount of total investments. General observations include that investors transitioned from “the next big thing” toward
deployment-focused business models like system integrators and battery management system developers; corporations
participated in 9 deals, indicating continuous interest from potential commercial partners (corporations invested in 11 deals
in 2013); market is still looking for proof points in the earliest grid storage markets; and disruption-resistant lithium-ion
platforms on the vehicle and OEM side are still looking for additive technology.
Year founded: 2009 Headquarters: Millbrae, CA Paid-in Capital: $37m CEO: John Carrington
Stem, a provider of energy optimization services, combines big data,
predictive analytics and energy storage to reduce electricity costs for
businesses and utilities. Through its integrated solution of cloud-based
predictive software and advanced energy storage, the Stem system provides
peak shaving services and uses predicted energy usage patterns to deploy
stored energy at precise times. For utilities, Stem offers scalable contracts for behind-the-meter and grid-scale
storage. In November 2014, the company won a procurement contract with Southern California Edison under the
Local Capacity Requirement RFO for incremental capacity in the west LA Basin and Moorpark Sub -Areas. Stem
will provide 85MW of behind-the-meter storage to serve as backup power and flexible capacity to the LA region,
to be deployed by 2021. The goal is for Stem to eventually act as a virtual peaker plant, putting thousands of its
systems in buildings in a relatively dense area.
Stem is backed by Angeleno Group, Constellation, GE Ventures, and Iberdrola.
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development is focused on improving battery
components like the electrode or the anodes. For
example, Nexeon is one of many companies developing
silicon anode materials which, instead of carbon, have a
much higher capacity for lithium and as a result are
capable of almost ten times the gravimetric capacity per
gram (mAh/g). That is a similar solution California-based
startup Amprius is using, which caught the attention of a
group of investors including Kleiner Perkins Caufield &
Byers and Asian private equity fund SAIF Partners to
inject $30 million last June.
Lithium-Ion (Li-Ion) batteries are rechargeable batteries
in which lithium ions move between electrodes during
discharge and back when charging. In this chemistry, a
lithium compound is intercalated as one electrode
material, compared to the metallic lithium used in a non-
rechargeable lithium battery. Carbon is still the basis of
Li-Ion batteries today but it is possibly the largest
impediment in increasing the energy storage capability
because of its gravimetric density and limited storage
capability compared to pure lithium. Dendrite formation
is another problem precluding high rate charging. This is
why research and
Lithium-Ion Batteries
Year founded: 2009 Headquarters: Menlo Park, CA Paid-in Capital: $60.9m CEO: Kang Sun
400-530 watt-hours per litre in conventional Li-Ion batteries, to 800 watt-hours per litre with Amprius’s
technology. The type of resilient nanoparticle Amprius has developed with silicon stores less energy than silicon
nanowires but can be used in existing factories. Currently, Amprius manufactures core-shell batteries, mostly via
contract manufacturers in Asia. The batteries are now being used in portable devices made by some Chinese
manufacturers.
Example top lithium-based battery innovators on i3
Sakti3 Prieto Battery Amprius Oxis Energy Green Charge Networks Princeton Power Systems Sonnenbatterie Nexeon Envia Systems Sila Nanotechnologies
Amprius develops and manufactures high energy and high-density Li-Ion
batteries. Its silicon anode technology enables 15-30% more energy per
unit weight and volume than state-of-the-art batteries, the company
claims. For example, energy densities of batteries for consumer
electronics like mobile phones, laptops and tablets can be increased from
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The increased adoption of renewable energy generation
and advanced vehicle technologies, such as hybrid and
stop-start vehicles, is driving innovation in the lead-based
battery sector. Despite their proven strengths – lead-acid
(Pb-acid) batteries are reliable, safe and inexpensive to
manufacture – Pb-acid batteries require hours to charge,
can only deliver a small percentage of their stored energy
and have relatively short cycle-lives because each
charge/discharge cycle results in irreversible internal
chemical changes. Thus, established manufacturers as
well as emerging players are focusing on improving the
performance of lead-acid batteries. Axion Power
International, for example, uses carbon electrode
assemblies to replace the lead-based negative electrodes
found in conventional Pb-acid batteries. The result is the
e3 Supercell, a low cost battery-supercapacitor hybrid that
uses the same cases, materials, internal components and
manufacturing equipment as conventional Pb-acid
batteries.
It also offers faster recharge rates, higher power output
and longer cycle-life, and can be manufactured in
thousands of existing plants around the world. Young
startup Gridtential has been developing a Pb-acid
battery with higher energy density using chip and hard-
disk drive manufacturing processes. The company’s
end goal is to sell its batteries to power grid operators
for applications like storage for a solar panel system.
Lead-acid Batteries
Taxonomy In Numbers:
681 companies tagged with ‘Energy
Storage’
327 companies tagged with ‘Electrochemical Storage’
Year founded: 2007 Headquarters: Sydney, Australia Paid-in Capital: n/a CEO: John Wood
Ecoult has developed the UltraBattery® technology, a hybrid Pb-acid
energy storage device containing both an ultracapacitor and a battery
in a common electrolyte. It then combines the fast charging rates
and longevity of an ultracapacitor technology with the energy storage
potential of a Pb-acid technology.
The UltraBattery® operates in a Partial state of Charge without frequent overcharge maintenance cycles and
charge faster and lasts longer than other Pb-acid batteries. The company claims its product is also more efficient
and cost-effective than conventional Pb-acid batteries when used for variable power applications. Ecoult has
several projects running, including regulation services, solar smoothing & shifting and wind smoothing
applications. The company has been awarded the largest battery-based renewable energy storage system in
Australia by Hydro Tasmania for the King Island Renewable Energy Integration Project (KIREIP). The 3 MW/1.6
MWh UltraBattery® storage system will enable King Island to reduce its reliance on diesel fuel to supply the
island’s energy needs.
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Lead-Acid Batteries
Example top lead-based battery innovators on i3
Gridtential
Energy Power Systems
Firefly International Energy
Altraverda
EEStor
Ecoult
Ecovolt
Axion Power International
Flow Batteries
Within the energy storage market, flow battery
chemistries are getting more and more commercial
traction. i3 data shows 116 partnerships were signed in in
the space in 2013, and 143 in 2014. The vanadium redox
flow battery (VRFB) is the most mature technology, but
other systems like bromine-based systems and others are
cheaper and showing better performance. Several
companies have been emerging over the past few years,
offering innovative storage solutions with applications in
the electric grid and the transportation industry.
Portland, Oregon-based Energy Storage Systems is a
developer of a flow battery that uses iron as its energy
storage medium, which makes the solution cheaper to
produce. Companies like EnStorage are developing new
chemistries, namely hydrogen-bromine chemistry, which
relies on laminar flow to separate the two materials
instead of a membrane. French companies Schneider
Electric and Areva have come to understand EnStorage to
have an
edge over its competitors, owing both to the use of
bromine as a relatively inexpensive storage medium, and
the fact that operation without a membrane reduces cost
and increases battery lifetime. However, other emerging
players have serious potential. Primus Power has also
developed a membrane-free, titanium electrode solution
for batteries suited for power grid applications like
renewables integration and power grid flexibility. The
market is still in flux as utilities are making progress in
understanding what exact technical specifications they
need for different applications – and getting to know the
emerging technology companies – while vendors are
racing to find ways to lower cost and understand utilities’
needs and requirements. However, several use cases exist
and flow batteries have a future in, for example,
UPS/back-up power applications in data centres – an
application that companies like ViZn Energy Systems and
Imergy Power Systems are ready to address.
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In January 2014, Australian-based zinc bromine flow battery
developer RedFlow signed a manufacturing deal with Flextronics.
Through this partnership, RedFlow’s zinc bromine flow module
(ZBM) will enter large-scale production in North America (with
Flextronics), increasing the company’s commercial traction with
many already-signed customers, including Emerson, Raytheon,
BlueSky and Schneider Electric.
Year founded: 2005 Headquarters: Brisbane, Australia Paid-in Capital: n/a CEO: Stuart Smith
With this partnership, RedFlow is planning on reducing the cost of its battery by 40% by the end of 2015 be it
through raw material optimisation, improvements in the manufacturing process, logistics cost reduction and
economies of scale. However, RedFlow is currently price competitive in specific applications and is not aimed at
being grid competitive in Australia.
This partnership makes the ZBM commercially available with reliable manufacturing process and scalable
production ready to serve markets like South America, South Africa, Europe and Asia in addition to Austral ia and
North America. RedFlow’s main target applications include off-grid power and telecom towers, large-scale
battery solutions, developing areas with unstable grid infrastructure and renewable energy integrations
(especially in Europe).
This paper gives only a glimpse of the myriad of companies innovating in the energy storage space and the partnerships and
investments happening recently. At Cleantech Group, through our online i3 Platform, we closely follow the trends of
innovation adoption by corporates in resource-intensive industries. Energy Storage is definitely a hot topic for many
utilities, but also for transportation and IT companies. Innovation in electrochemical storage, fostered by venture investors
and power sector, automotive, and IT incumbents, among others, is sure to change the way electricity is generated,
distributed, and ultimately consumed. Cleantech Group looks forward to helping big companies connect with the
sustainable innovation world and engage any party interested in i3’s coverage of the energy storage space.
Example top flow battery innovators on i3 Primus Power RedFlow ViZn Energy EnStorage Energy Storage Systems Imergy Power Systems UniEnergy Technologies VionX Ashlawn Energy EnerVault
Conclusion
ENERGY STORAGE | I3 INSIGHTS INTO ELECTROCHEMICAL ENERGY STORAGE
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Founded in 2002, Cleantech Group’s (CTG) mission is
to accelerate sustainable innovation. Core to this
mission is i3, an online platform that connects
corporates with innovation, at scale, by allowing them
to find, vet, and connect with start-ups—efficiently
building an innovation pipeline. In conjunction with i3,
we offer premium Advisory Services for corporates in
need of expertise designing and executing strategies for
sustainable innovation, and managing the pipeline
created in i3. The i3 platform comes to life at our global
Events, which convene corporates and start-ups, along
with other players shaping the future of sustainable
innovation. CTG is headquartered in San Francisco,
and has offices in London and New York. For more
information, please visit cleantech.com
The i3 market intelligence platform is the definitive
source for insight into innovation: it connects
corporate, utility, government, and venture capital
teams with companies creating sustainable
technologies and business models. Subscribers use i3
to discover and vet companies, and explore trends
across 18 technology sectors using proprietary data.
Visit i3connect.com to learn about this powerful
network that allows you to find, vet, and connect with
24,000+ companies that are driving innovation across
all sectors in cleantech, sustainable innovation, and
resource efficiency.
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