Energy policy thinktank Rocky Mountain Institute has identified larger-than-predicted investments in advanced battery technologies, threatening natural gas’s dominance on the transition power market.
In the first half of 2019 alone, energy storage companies attracted $1.4 billion in venture capital. Energy storage is key to transitioning the energy grid away from fossil fuels. Natural gas is currently the go-to resource during periods of peak energy usage, and battery storage could replace fossil fuel’s place in the spot market with increased development.
“These investments will push both Li-ion and new battery technologies across competitive thresholds for new applications more quickly than anticipated,” according to Rocky Mountain Institute. “This, in turn, will reduce the costs of decarbonization in key sectors and speed the global energy transition beyond the expectations of mainstream global energy models.”