November 4th 2021
25 companies have united to provide guidance to governments and grid operators on Long Duration Energy Storage (LDES) technologies, which supply clean power 24 hours a day. The aims are to enable global deployment of 85-140 TWh of long duration energy storage by 2040, to eliminate the 1.5 to 2.3 Gt of CO2 produced annually from fossil fuels, and address grid energy imbalances.
“The power sector accounts for roughly one-third of global emissions. With increased use of long duration energy storage, we can reduce emissions with up to 2.3 Gt CO2 to 2040 and create grid net-zero,” says Jonas Eklind, CEO of Azelio.
Energy generation of renewables is unpredictable, as we cannot control when the sun will shine or the wind will blow – and we cannot limit our energy needs to certain hours of the day. That is why fossil fuels have been needed to counteract grid energy imbalances and changes in energy production, balancing the misalignment between periods of shortfall in electricity supply.
“To increase the use of renewables in our energy system, we need to make intermittent energy sources such as solar and wind available on demand. Long duration energy storage is the lynchpin to decarbonisation, as it can cost-effectively store energy from wind, solar and other renewables, and make it available when needed,” says Jonas Eklind.
With an increased use of renewable energy, having sufficient capacity in place to meet demand is key to succeeding. As a first step, building momentum for net-zero would require 1 TWh of storage capacity by 2025. Only 7 percent of the required capacity exists today.
Global deployment of 85-140 TWh of long duration energy storage will cover around 10 percent of all electricity consumed and require between USD 1.5 and 3 trillion in investment. This corresponds to approximately 4 to 7 times the total TWh global lithium-ion deployment today and approximately 5 to 11 times the total investment in renewable power in 2020.
About the council
The LDES Council is a global, CEO-led organisation consisting of a total of 25 companies. The Council strives to accelerate access to renewable energy at all hours of the day and at the lowest cost to society, by driving innovation, commercialisation, and deployment of long duration energy storage. Among the founding companies are Breakthrough Energy Ventures (founded by Bill Gates), Alfa Laval and Siemens Energy. The LDES Council provides fact-based guidance and information to governments, industry, and broader society, drawing from the experience of its members, which include leading energy companies, technology providers, investors and end-users.
More info on: https://www.ldescouncil.com/
Azelio is a Swedish cleantech company. We have developed an ingenious long duration energy storage technology, providing dispatchable electricity and usable heat for all hours of the day – with zero emissions and at a very competitive cost.
417 56 Gothenburg
Phone: +46 532 100 20
© Azelio 2023