The ability to store energy more effectively is a key to realizing the full potential of renewables and meeting ambitious energy transition objectives. In this context, the lithium-ion battery storage solution is playing an important role on the road to net zero. This market is expected to grow by almost 20% per year between 2022 and 2023. However, this technology is neither robust nor versatile enough to single-handedly fulfill energy storage requirements:

• Cobalt extraction, a fundamental component of Li-ion batteries, is highly toxic and polluting.
• Limited cobalt supply is a major issue, especially considering the rapidly growing demand for electric car batteries and backup generators.
• Relying solely on Li-ion technology also leaves us vulnerable to a single supply chain.
• They have limited lifespans of up to 10 years before needing replacement.
• They are also prone to damage from failing to complete full discharge and recharge cycles.

As a result, some alternative energy storage solutions are needed to be used alongside or instead of lithium-ion batteries to expand our capacity for renewable energy transition such as:

• Compressed air/gas Storage: It offers a novel way of storing energy as compressed air or gas and storing it in underground caverns or tanks. They can store more energy in a smaller space and for more extended periods than other forms of energy storage like batteries. When energy is needed, the compressed air is released and used.
• Innovative Pumped Hydro Energy Storage: It involves using excess renewable energy to pump water from a lower reservoir to a higher one. During periods of high demand, the water is released from the upper reservoir to generate electricity.
• Thermal Energy Storage: It works by storing thermal energy as heat, usually in a material such as water, rock, or soil. Heat gets stored in various ways, including using phase-change materials, which absorb and release heat at specific temperatures. The stored heat can then generate electricity.
• Gravity storage: It utilizes the force of gravity to store and release potential energy. It works by raising weights, typically made of concrete, bricks, or rocks, and then releasing them to generate electricity when needed.
• Flywheel Energy Storage: This technology involves using a spinning rotor to store kinetic energy. When energy is needed, the rotor is slowed down and the kinetic energy is converted to electricity.
• Hydrogen Storage: It involves using renewable energy to produce hydrogen through electrolysis. The hydrogen can then be stored and used as a fuel for power generation or transportation.

Our ability to expand energy storage capacity is one of the most pressing issues that will determine whether this defining ‘transitional’ decade is a success.