Energy cannot be created or destroyed, but it can be saved in various forms. One way to store it is in the form of chemical energy in a battery. When connected in a circuit, energy stored in the battery is released to produce electricity.
The intermittent and sometimes unpredictable, i.e. stochastic nature of renewable power generation means that swings in generation output can have a major impact on the grid stability. In the past 2 years, there have been rapid advances in Battery Energy Storage Systems (BESS) technologies resulting in significant performance enhancements along with a decrease in purchase prices and total operating costs.
The new generation of storage technologies used in state-of-the-art lithium-ion based BESS can now operate for 15 - 20 years delivering >8000 cycles. Such systems can also be charged and discharged very rapidly. These characteristics make lithium-ion-based battery systems more cost- and environmentally effective than any other energy storage systems today.
Energy Storage in India
Source: IFC Energy Storage Report
Compared to conventional technologies like lead-acid-batteries and diesel generators, the purchase costs of lithium-ion-based BESS remain very high. Therefore, novel, viable business models, e.g. ones based on power-purchase-agreements, are required to permit the large-scale deployment of such BESS, particularly in a country like India. Panitek helped Leclanché SA (www.leclanche.com), a Swiss battery technology company to introduce their state of lithium ion technology to India and facilitated a technology transfer joint venture with Exide Industries, India’s largest battery manufacturer.