“The interest there (India) right now in energy storage is just huge,” says Himanshu Sudan, president of Toronto-based battery-system provider eCamion. “Not a day goes by that we don’t get an e-mail from an Indian business that wants to work with us. Right now, we’re not able to keep up with the volume of requests.
It’s a market reality not unique to India, and Canadian energy-storage startups stand to benefit. A recent report from Bloomberg New Energy Finance projects that the global market for energy-storage technologies will double six times between now and 2030, leading to investment of more than $100-billion.
Canadian startups such as eCamion are pouncing. In Australia, where Elon Musk’s Tesla just built the largest grid-connected battery system in the world in less than 100 days, the market looks so strong that Toronto-based Hydrostor is developing its first utility-scale storage plant.
“The value of energy storage is rising, and Canada is definitely in a good position,” says Derek Lim Soo, founder and CEO of Peak Power, another Ontario-based company. Among its strategic investors is Osmington, a commercial real estate company controlled by David Thomson, chairman of Thomson Reuters.
Peak Power offers “energy storage as a service,” using Big Data and machine-learning algorithms to manage how any energy-storage technology interacts with the grid and the consumption patterns of its customers. The idea is to help commercial-building owners lower their electricity bills and utilities bring more resilience and efficiency to their operations as more renewable sources are added.
Mr. Lim Soo says Peak Power has benefited from falling energy-storage costs resulting from the growth of electric vehicles and the related scale-up of lithium-ion battery manufacturing. His company already has projects on the go in New York and Massachusetts, and groups from Australia, India and Britain have reached out wanting to learn more.
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