In recent years, advances in technology and materials have greatly increased the reliability, output, and density of modern battery systems, and economies of scale have dramatically reduced the associated cost.
The ESS market is projected to grow from USD 2.9 billion in 2020 to USD 12.1 billion by 2025 and USD 546 billion by 2035. Increasing demand for continuous power and energy storage systems in critical infrastructures, adoption of grid energy storage solutions, smart grid modernization efforts, and the growing home applications are driving this exciting new market.
Home Energy Storage Systems as a Concept
Ever since Tesla introduced the Powerwall battery a few years ago, homeowners have wondered what the buzz was all about. For intermittent solar power system owners, the appeal of lithium battery storage makes sense. Depending on where you are in the world, residential solar arrays often generate enough electricity to power a home. They even have enough left over to sell back to the local utility.
The idea that the power could be stored and used later, rather than sold back to the grid, is a more attractive option however, since home batteries can help you cut your electricity bill significantly. Stored electricity could be used to power electric cars or keep the lights on in homes and neighborhoods where the electric grid has gone down, and with the growing adoption of electric vehicles around the world, ESS systems can provide homeowners with a cheaper strategy to keep their growing electricity prices down, through a process known as “peak shaving.”
What is ACDC’s Contribution to the ESS space?
In their recent press release, ACDC’s CEO, Bryson Goodwin stated that the Home Smart Wall is the “only product in the market that is able to remotely analyze and repair your battery system.” As home battery units, like Tesla’s Powerwall, are, in essence, numerous separate lithium-ion batteries connected in series, if one of the batteries stop functioning, the entire unit will no longer be operable. Using their patented AI monitoring system, ACDC claims that they their Home Smart Walls will be able to prevent these type of failures, greatly increasing the lifespan of the product. Of equal if not greater importance, AI integrated “smart” monitoring allows for a far safer product than any currently offered in the market.
Coupled with the ability for remote maintenance and repair, as well as a lower price tag than the Tesla Powerwall, EV Battery Tech’s Home Smart Wall will be an interesting entry into the growing home ESS market.
What Does Tesla’s Progress Say about ACDC?
The excitement behind the Energy Storage System sector is undoubtedly fueled in large part by the high flying developments of Tesla, and in particular, by Elon Musk’s charisma. It’s been reported by other analysts that Tesla Energy, Tesla’s ESS division, will be making bigger strides in 2021. With Tesla hiring increasing numbers of installers for its solar roof installers, investors can see that the need for home ESS systems will only increase.
However, with Tesla’s stock price rising to all-time highs in early 2021, investors interested in the ESS market can benefit from looking at the small cap space for better potential returns. EV Battery Tech, with their new IoniX Pro Home Smart Wall series, should be something investors keep an eye on in 2021.
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