BioSolar, Inc. (OTCQB: BSRC), developer of breakthrough energy storage technology and materials, today commented on the abundance of possible applications for the Company’s Super Battery technology currently under development that can drastically reduce the cost of on-site energy storage.
According to a recent study performed by GTM Research and the Energy Storage Association, it is predicted that the energy storage market in the United States will triple in 2015, and will grow from $128 million in 2014 to $1.5 billion by 2019. Currently, the market is very concentrated, as over 70% of installed energy storage capacity uses lithium-ion batteries, as the technology is proven and bankable.
Furthermore, data from the GTM Research indicates the demand for rooftop solar paired with energy storage systems will reach $1 billion in the U.S. within four years, creating pent up demand for cost effective solar energy storage solutions. Pairing solar panels with low cost batteries means users can effectively store power during the day and use it at night, reducing electricity bills. Those savings would be more significant for customers who pay higher rates for electricity during peak periods. Tesla recently emphasized this point at a large solar conference in San Francisco, stating that battery costs will fall faster than expected, and the same for the demand for energy storage equipment that will be paired with solar panels.
Key data points: The growth forecast = 8.6% annually for the next 7 years. Scroll below to get more insights. This market report covers Trends, opportunities and forecasts in AB battery system market to 2031 by type (lithium iron phosphate battery + ternary lithium battery, lithium battery + sodium battery, and others), application (automotive and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)
Download free sample pagesThe market for energy storage technologies has expanded as well, as utility power companies, once challenged in managing the grid, are now installing battery storage as an alternative to adding expensive generation capacity required to handle peak electricity demand. Battery storage offers several benefits over traditional power sources, such as being cleaner, responding faster, can be located directly at load centers, and is increasingly less expensive than other options for tackling peak electricity demand.
Dr. David Lee, the company’s CEO, said, “A battery contains two major parts, a cathode and an anode, that function together as the positive and negative sides. Today's state-of-the-art lithium-ion battery is limited by the storage capacity of its cathode, while the anode can store much more. Inspired by nature, we are developing a novel cathode based on inexpensive conductive polymers and organic materials that can fully utilize the storage capacity of conventional anodes.”
Based on the company’s internal analysis, a super battery built using its technology can double the capacity, cost four times less, and can potentially break the $100/kWh cost barrier needed for mass market adoption of energy storage. Achieving the $100/kWh cost barrier would effectively reach what is referred to as the “holy grail” for energy storage.
The Company recently announced that it has jointly filed a patent application with the University of California, Santa Barbara (“UCSB”) in order to protect intellectual property rights which forms the basis for the company’s super battery technology.
BioSolar is currently funding a sponsored research program at the University of California, Santa Barbara (“UCSB”), to further develop its super battery technology. The lead inventors of the technology are UCSB professor Dr. Alan Heeger, the recipient of a Nobel Prize in 2000 for the discovery and development of conductive polymers, and Dr. David Vonlanthen, a project scientist and expert in energy storage at UCSB.
