MIT Enterprise Forum: Energy Storage - New Business Models Fuel Rapid Growth
- 2.27.2019 | 5:30 PM - 8:30 PM
MIT Weisner Building
20 Ames Street
Cambridge, Massachusetts 02139
Energy storage has always been a part of the power system, but mainly at the edges—think uninterruptible power system storage, flywheels, ice-based storage and pumped hydro. Research and development efforts spawned many new ideas, but markets were not ready for widespread adoption of the technology. Now, energy storage is poised to become a central piece of a rapidly growing clean power system, helping to displace fossil fuel generation, reduce emissions and provide power during outages caused by frequent weather events.
According to Wood Mackenzie Power and Renewables, 1000 MWh of energy storage was deployed in the US between 2013 and 2017; and just in 2018 alone more than 1200 MWh will be deployed. By 2023, more than 11,700 MWh of energy storage is forecasted. Growth has been largely driven by storage initiatives and demonstration projects in state policy, rate-setting and incentives. Changes in federal rules for energy storage markets requiring equal treatment of energy storage with other power sources are likely to drive even more adoption. Given this impressive growth, there will be tremendous opportunities for start-ups, especially in the commercial, industrial and residential markets.
The price of energy storage technology is still relatively high and there are barriers to entry. Players in this market need to be creative in developing viable business models to attract investment and achieve success. Join MIT Enterprise Forum to explore what startups need to know to participate:
- What government incentives and policies (local, state, federal) are in place to encourage greater adoption of energy storage in the commercial, industrial and residential markets?
- What storage technologies and services produce revenue streams now? What markets will become valuable in the next five years?
- How have investors and utilities influenced the development of new business models for both established companies and startups? Which of these models are most likely to be successful?