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Paul Favret on the New Energy Storage Developments in China Creating Big Leaps

 

Paul Favret has always anticipated new developments on energy storage and slash costs for companies and consumers. Recently, a five-year plan was unveiled by China in an aggressive move to slash battery storage costs. The ambitious move predicts a 30% decrease in storage costs by 2025.

 

The CRYOBattery

Through its Shanghai Power Equipment Research Institute, the Chinese Utility State Power Investment Corporation has planned to pilot a promising form of liquified air energy storage technology called the CRYOBattery.

 

As the ambitious project shows, this technology will transform long-duration energy storage while enhancing the overall reliability of China’s energy grid. Paul Favret explains that energy storage has been one of the main pillars of Chinese strategy to decarbonize their energy systems for a long time.

 

The Expectations

With costs of large chemical-based systems cut by up to 30%, Chinese specialists foresee a ripple effect in the way energy in China is stored and consumed. They believe that by 2025, engineering applications for the battery will have up to 100-megawatt capacities.

 

They also believe that by 2030 this new form of energy storage could lead to a well-rounded energy market, leading the world in innovative manufacturing capabilities.

 

China’s Big Leap

At this point, the Chinese forecast an installation rate of 83-99 gigawatts of solar power capacity. Paul Favret knows that carbon neutrality has been a big goal for China since 2020. However, with this new plan in motion, the future of trading power storage can support a larger energy industry with even more options for the market.

 

It will set the tone for all types of energy storage throughout the country and potentially the world if it proves to be fruitful. It is projected to address global growth in the energy storage demand market, competing with solar and wind farms.

 

More than 20 provinces have already announced their plans to add new energy systems, and with the new CRYOBattery on the horizon, energy efficiency throughout the region may grow.

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