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The investment in Energy Vault is just one indicator of the massive market that investors see coming as power companies spend billions on renewables and storage. As the Wall Street Journal reported over the weekend, ScottishPower, the U.K.-based utility is committing to spending $7.2 billion on renewable energy, grid upgrades, and storage technologies between 2018 and 2022.
Meanwhile, out in the wilds of Utah, the American subsidiary of Japan’s Mitsubishi Hitachi Power Systems is working on a joint venture that would create the world’s largest clean energy storage facility. That 1 gigawatt storage would go a long way toward providing renewable power to the Western U.S. power grid and is going to be based on compressed air energy storage, large, flow batteries, solid oxide fuel cells and renewable hydrogen storage.
Years - Carbon - Emissions - US - Power
“For 20 years, we’ve been reducing carbon emissions of the U.S. power grid using natural gas in combination with renewable power to replace retiring coal-fired power generation. In California and other states in the western United States, which will soon have retired all of their coal-fired power generation, we need the next step in decarbonization. Mixing natural gas and storage, and eventually using 100 percent renewable storage, is that next step,” said Paul Browning, President and CEO of MHPS Americas.
Energy Vault’s technology could also be used in these kinds of remote locations, according to chief executive Robert...
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