News & Updates
Mar 27, 2015
FCH-JU releases new study on Commercialisation of Energy Storage in Europe
On Wednesday, March 18th, a new study on Commercialization of Energy Storage was released by the Fuel Cell and Hydrogen Joint Undertaking (FCH-JU).
The report was created to ensure a deeper understanding of the role and commercial viability of energy storage in enabling increasing levels of intermittent renewable power generation; McKinsey & Company provided analytic support for the study. It was specifically written to inform thought leaders and decision-makers about the potential contribution of storage in order to integrate renewable energy sources and about the actions required to ensure that storage is allowed to compete with the other flexibility options on a level playing field. It focuses on the question to what extent current and new storage technologies can contribute to integrate renewables in the long run and play additional roles in the short term. The FCH-JU believes that it is essential to understand the future demand for energy storage covering a wide range of options from a technology-neutral point of view.
Three types of storage technologies were considered in the study: power-to-power, conversion of power to heat, and conversion of power to hydrogen for use outside of the power sector as gas or use as fuel for mobility and industry. One of the key findings of the study is that the conversion of electricity to hydrogen through water electrolysis can productively utilize nearly all excess renewable energy in the high-RES scenario contributing to the decarbonization of the gas grid and mobility sectors.
“Hydrogenics is unique in the Energy Storage market. The compact size, flexibility and effectiveness of our system is unlike anything else in existence today in the market. With reports like this, leaders and decision-makers will have more tools to adopt this technology and monetize the value of our solution.” said Daryl Wilson, Hydrogenics’ CEO.
The study can be found here