Why is energy storage important in Europe?

In Europe, there is a growing consensus amongst policymakers that energy storage is crucial to securing affordable and low carbon energy. In May 2022, European Union launched their REPowerEU plan, a part of the European Green Deal, which mandates that 45% of Europe’s energy generation needs to come from renewable sources by 2030.

What challenges do EU countries face in deploying grid-scale energy storage?

But many EU countries have seen major challenges to deploying the grid-scale energy storage needed. Italy, Greece, Spain and several others, particularly in the Central and Eastern Europe region, are using auction schemes which will provide capex and opex grants to energy storage on a long-term basis using EU funds.

Which companies are accelerating energy storage?

Because of the growing importance of energy storage, Storm4 decided to spotlight six companies in the European market that are accelerating the sector. Founded in 2016 and based in Stockholm, Sweden, Nortvolt is an operator of lithium-ion battery plants intended to produce batteries for variety of solutions, including evs and battery storage.

Who is SSE Renewables?

SSE Renewables, part of the FTSE-listed SSE plc, is a leading developer and operator of renewable energy. Based in the UK and Ireland, the company is expanding globally and aims to significantly boost its renewable energy capacity. By 2027, SSE Renewables plans to reach 9GW of installed capacity, with a goal of over 16GW by 2032.

Who is Polarium and VoltStorage?

In 2021, Polarium launched a partnership with Northvolt, to develop solutions for the telecom industry. Based in Munich, Germany and founded in 2016, Voltstorage is a developer and maker of energy storage systems using vanadium flow batteries. The focus primarily on long duration storage and commercial storage systems.

What is the future of energy storage?

Additionally, emerging technologies like thermal storage and flow batteries offer promising solutions for longer-duration storage. As renewable energy and storage technologies continue to evolve, their synergy will strengthen, enhancing the resilience, flexibility, and sustainability of the electricity system.