Key facts
- EU energy ministers signed an agreement to triple the bloc's energy storage capacity.
- The goal is to reach an estimated 200 GW of storage capacity by 2030.
- The plan includes adding 30-35 GW of new capacity by 2028.
- Ore Energy will deploy 1 GWh of iron-air battery storage for a European energy supplier.
- Lithium-ion batteries, currently dominant, have a limited storage duration of about four hours.
Europe is prioritizing energy storage solutions to mitigate its vulnerability to energy shortages and grid failures, exacerbated by recent energy crises and reliance on imports. European leaders have committed to tripling the continent's energy storage capacity by 2030, a move seen as crucial for energy security and geopolitical stability.
The European Union currently possesses 55 GW of installed storage capacity but estimates a need for approximately 200 GW by 2030. To achieve this, ministers signed an agreement in June to add 30-35 GW of new capacity by 2028. This initiative aims to reduce dependence on imported fossil fuels, particularly natural gas, which has become a potent geopolitical weapon.
The push for increased storage comes as intermittent renewable energy sources like solar and wind constitute a larger portion of the EU's energy mix, creating challenges in matching supply with demand. While lithium-ion batteries currently dominate the market, their limited four-hour storage duration is insufficient for long-term energy balancing. Consequently, Europe is investing in nascent technologies like iron-air batteries, which theoretically can store energy for up to four days.
Ore Energy, a Dutch company, has secured a significant deal to deploy 1 GWh of energy storage using its iron-air battery technology, marking the first such agreement with a European energy supplier. This technology, utilizing iron, water, and air, is modular and scalable. Experts believe that successful scaling of such long-duration storage solutions could be a game-changer for European markets, enhancing resilience and autonomy.