The opportunity
Valued at $59 billion in 2019 with a combined energy storage deployment of 164 GWh, the International Energy Association (IEA) estimates that in order to keep global warming below 2 degrees Celsius, the world will need approximately 266 GW of energy storage by 2030. Under current trends, Bloomberg New Energy Finance predicts that the global energy storage market will hit that target, and grow quickly to a cumulative 942 GW by 2040 (representing $620 billion in investment over the next two decades).
In a future low-carbon energy system, storage will be needed at all points of the electricity system. CEL’s system can deliver benefits all the way along the electricity value chain, at generation, distribution and consumption.