HOME » Long-Duration Energy Storage: The Key Breakthrough in Energy Structure Transformation
Long-Duration Energy Storage: The Key Breakthrough in Energy Structure Transformation
19-07-2024
At the 3rd Nanjing New Track Conference on July 18, 2024, Ge Qun, Chairman of WeView Energy, delivered a keynote speech titled “Long-Duration Energy Storage: The Key Breakthrough in Energy Structure Transformation,” exploring new quality productive forces.
Ge Qun proposed the following points:
Electricity is the fundamental guarantee for society: With the continuous increase in electricity consumption across society, China’s total electricity consumption reached 9.2 trillion kWh last year and is expected to exceed 10 trillion kWh by 2025. Lowering electricity costs can support stable and healthy economic development, ensuring both life and production.
Reducing carbon emissions instead of cutting down energy use: According to COP28, China’s population accounts for 18% of the global total, but its carbon emissions account for 30% of the global total. In contrast, India, with a similar population share of 18%, only contributes 7% to global carbon emissions. Electricity is a major source of carbon emissions, and electricity demand is constantly increasing. We shouldn’t reduce electricity consumption due to carbon emissions.
China must accelerate the development of renewable energy: In fact, China’s installed capacity of renewable energy has already surpassed that of traditional thermal power. However, nearly 70% of electricity is still derived from fossil energy. To accelerate carbon reduction in China and make significant contributions to global carbon reduction efforts, we must transform our energy structure from fossil energy to non-fossil energy sources. This is also an important reform that China needs to prepare for future development.
Long-duration energy storage is a major “shortcoming” in China’s energy structure reform, the way to overcome this shortcoming is through technological innovation and large-scale industrial upgrading: Wind and solar power are not controllable at will, but energy storage enables the electricity generated by wind and solar power to be smart, flexible, and responsive. By 2025, 39% of China’s electricity is expected to come from non-fossil energy sources. Storing excess electricity generated during periods of surplus from new energy sources and utilizing it when needed in production and daily life requires energy storage batteries with a duration of 4 to 7 hours. As part of the high-end equipment manufacturing industry, long-duration energy storage equipment is a typical representative of new quality productive forces. It is based on traditional energy manufacturing and utilizes emerging technologies such as humanoid robots, artificial intelligence, and chips. This creates a vast market for the energy storage industry, including its upstream and downstream sectors. The market size is expected to exceed RMB 1 trillion.
WeView has already built the industry’s most advanced flow battery intelligent factory, enhancing the high yield, consistency, and reliability of energy storage equipment to support energy transformation.
Ge Qun introduced a concept similar to “Moore’s Law,” specifically tailored for the energy storage industry. The ambitious goal is to collectively reduce the Levelized Cost of Storage (LCOS) to $40/MWh within three years. Achieving this milestone is crucial for bolstering the economic feasibility of new energy sources and invigorating the renewable clean energy market.
HOME » Long-Duration Energy Storage: The Key Breakthrough in Energy Structure Transformation
Long-Duration Energy Storage: The Key Breakthrough in Energy Structure Transformation
At the 3rd Nanjing New Track Conference on July 18, 2024, Ge Qun, Chairman of WeView Energy, delivered a keynote speech titled “Long-Duration Energy Storage: The Key Breakthrough in Energy Structure Transformation,” exploring new quality productive forces.
Ge Qun proposed the following points:
WeView has already built the industry’s most advanced flow battery intelligent factory, enhancing the high yield, consistency, and reliability of energy storage equipment to support energy transformation.
Ge Qun introduced a concept similar to “Moore’s Law,” specifically tailored for the energy storage industry. The ambitious goal is to collectively reduce the Levelized Cost of Storage (LCOS) to $40/MWh within three years. Achieving this milestone is crucial for bolstering the economic feasibility of new energy sources and invigorating the renewable clean energy market.
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