According to the International Energy Agency’s annual report (Oct 13), solar power is now cheaper than electricity generated by coal and natural gas in most countries. This is kick-starting a profound global change from fossil to renewable.
About 275 gigawatts of coal-fired capacity worldwide, 13% of the 2019 total, will be shut off by 2025, mostly in the U.S. and European Union according to IEA.
Renewable energy is estimated to supply 80 percent of the total power generation in 2030, supported by many government post-pandemic stimuli packages aiming at renewable transformation.
“I see solar becoming the new king of the world’s electricity markets,” says Fatih Birol, executive director of the IEA.
The global pandemic has put the green energy sector in focus. As the pandemic is freezing economies, many Governments around the world are now launching significant investment programs in renewable energy as post pandemic stimuli packages. One major catalyst in this journey are new energy storage technologies which have started to reach industrial production volumes leading to competitive levels of investment.
According to Goldman Sachs renewable-energy spending will surpass oil and gas for the first time ever in 2021. And the total investment spiking to $16 trillion over the next decade.*
Renewable energy has become an increasingly hot topic around the world as leaders continue to pledge carbon neutrality over the coming decades.
- China for example, has recently declared its commitment to carbon neutrality by 2060. Most other countries aim for 2050.
- The European Parliament voted all EU countries must be climate neutral in 2060 and at the same time raised interim targets for 2030.
- California, regarded as the world’s 5th largest economy, has decided to phase out petrol cars by 2035 as a step towards climate neutrality.
One of the key factors in achieving these ambiguous targets is sustainable energy storage, since neither wind nor solar power offers a secure 24/7 year round supply. Diesel is therefore still the default option as a solar power back-up. However, diesel generators will soon become obsolete which together with the debate around batteries lack of lifecycle sustainability has placed renewable energy storage innovation in the spotlight.
Azelio’s energy storage technology stores energy from solar and wind power as heat in recycled aluminum and generates electricity and heat on demand at all hours of the day. The system suffers no degradation over time and is fully recyclable at end-of-life. It is modular, offering installations between 0.1 MW up to installations of 100 MW.
“In order for us to make this massive change towards renewable, there are two things we need to focus on: The digitalization of the power grid and the development of energy storage. Here Azelio, with an affordable, flexible and sustainable solution for long term energy storage, has a great opportunity to make a difference. We recently received third-party lifecycle analysis proofing report that shows a 29 percent lower carbon footprint that litium-ion batteries and a 97 percent lower footprint than diesel generators”, said Jonas Eklind, CEO Azelio.
“We are often told that we are competing with batteries - or other types of renewable energy storage products - but we really don't see it that way. I prefer to look at us as partners in the battle against climate change. We have specific areas and markets where our solution is more effective and efficient than batteries and vice versa. In that way, we are complementing each other. Also, the energy demands of society are so huge that there is not going to be one silver bullet to solve the climate change problem - rather we must all come together to collaborate against this common enemy. There is more than enough room in the market for Azelio, lithium-ion batteries, and many of the other types of renewable energy storage systems to coexist, and I'm very happy that I get to work with them towards this common goal.
Azelio is focusing on outcompeting diesel generated power and challenge batteries as today’s standard storage and back-up in the solar energy business. With production start in Q3 2021, clients in Asia, Americas, Africa and Middle East are already committing to implement Azelio’s thermal storage technology.
“We are meeting with serious clients who are involved in expansive renewable energy projects. A few weeks ago we were signing an MoU on 85 MWh over five years with the big project developer ATRIA in India. We are also signing an MoU with state-owned ITSETS in South Africa. This project alone has a potential of providing clean energy to a total of 400 schools in South Africa.” Said Jonas Eklind.
In October 2019 Azelio started a verification project in partnership with the world’s largest solar park, state owned Masdar in Morocco, with promising results. So far all predicted data are running according to plan, meaning the system delivers a maximum amount of energy during the dark hours.
“Our solution is enabling clean electricity when and where it is needed, all hours of the day using recycled Aluminum as storage media. The combination of high energy density and without degradation in capacity over time makes the system very cost competitive and clean compared to diesel power and batteries.” Said Jonas Eklind.
Source: World Media Wire