As it is a known fact, solar and wind are weather-dependent type renewable energy sources for power generation that can fluctuate greatly. Hence, it is difficult to expect a steady supply of power to the grid. However, with storage solutions, an excess amount of generated energy can be stored and released back into the grid when it is needed, smoothing the fluctuations to ensure a more reliable supply of power.
Storage solutions also allow the integration of renewable energy into the grid on a larger scale. The storage solutions also provide support to meet the peak demand for power rather than supplementing the grid when power generation is low from traditional sources.
The functionality also helps in reducing the need for fossil fuel-based power plants that meet the typical peak demand. Flow batteries and solid-state batteries are some of the advanced energy storage technology enabling a more efficient and cost-effective way of storing energy at a large scale. It also enables more penetration of renewable energy in the grid.
Due to the storage solutions, the reliability and stability of the grid also increased and the dependency on fossil fuel-based power plants was reduced.
Some of the known companies working in the field of renewable energy storage battery solutions are Tesla, LG Chem, Panasonic, BYD, Sonnen, NEC Energy Solutions, AES Energy Storage, China Aviation Lithium Battery, etc.