The good news is the technology is becoming increasingly economical. Battery costs have fallen drastically, dropping 90% since 2010, and they’re not done yet. According to the IEA report, battery costs could fall an additional 40% by the end of this decade.
The planet’s oceans contain enormous amounts of energy. Harnessing it is an early-stage industry, but some proponents argue there’s a role for wave and tidal power technologies. (Undark) Batteries can unlock other energy technologies, and they’re starting to make their mark on the grid.
The battery technology is designed to be used in smaller-sized cells, replacing existing coin-shaped batteries found in watches and other small electronics.
From more efficient production to entirely new chemistries, there's a lot going on. The race is on to generate new technologies to ready the battery industry for the transition toward a future with more renewable energy. In this competitive landscape, it’s hard to say which companies and solutions will come out on top.
It is also expected that demand for lithium-ion batteries will increase up to tenfold by 2030, according to the US Department for Energy, so manufacturers are constantly building battery plants to keep up. Lithium mining can be controversial as it can take several years to develop and has a considerable impact on the environment.
Good news: batteries are getting cheaper. While early signs show just how important batteries can be in our energy system, we still need gobs more to actually clean up the grid. If we’re going to be on track to cut greenhouse-gas emissions to zero by midcentury, we’ll need to increase battery deployment sevenfold.