The continued uptake of battery storage technologies will require more government investment from countries around the world, according to a new report.
The report – ‘Energy Storage: Opportunities and Challenges’ – produced by Axis Insurance and the Renewables Consulting Group (RCG) said there are opportunities for the technology in countries willing to adopt effective policies and regulations to support projects.
Countries prepared to take such steps will “take a leading role in the transition towards a future of decentralised renewable electricity”, the report said.
The report also explores ways to protect against underlying risks associated with battery storage.
These include technical, such as hazardous materials and operational limits, and commercial risks, such as operational issues.
The report also noted that cost reduction is a major barrier to widespread deployment, but costs are falling faster for some technologies, such as lithium-ion and flow batteries.
RCG director Steve Freeman said: “The benefit of and need for battery storage technologies is clear.
“But as in any rapidly maturing market, where new technologies are evolving at different rates of commercial readiness, deployment is complex and comes at a price.”