INDUSTRY NEWS

Florida Power & Light Company to Build World’s Largest Solar-Powered Battery System

Published Date | 2019 April 1

FPL plans to build a solar-powered battery system that will grow the Energy Storage Sector and will eventually propel the Global Battery Market over the coming years
Global: Florida Power & Light Company’s (FPL) Manatee Energy Storage Center has joined the race to build the world’s largest solar battery storage system by 2021. The company will have 409 megawatts (MW) of capacity, enough to power 100 million iPhone batteries, making it four times bigger than the largest battery system in operation today. The facility will accelerate the retirement of two natural gas units at a nearby power plant. Also, the project will save customers more than $100 million while eliminating more than 1 million tons of carbon emissions and its facility will be charged by an existing FPL solar power plant in Manatee County. Moreover, the battery system will be able to power 329,000 homes for two hours. According to BlueWeave Consulting, The battery is an energy storage device capable of charging and discharging. In comparison to traditional battery technologies, the advancement in technology boosts the market of the lithium-ion battery which is more competent in providing significantly high performance. These batteries have the potential to achieve very high energy and power densities in high-density battery applications such as electronics, automotive and standby power. Rising electricity costs, reduction in system costs, preference toward the use of clean and locally generated electricity for more energy independence and limited energy resources will boost the energy storage battery market globally. Moreover, government initiatives for renewables energy, the increment in consumer awareness about the benefits of using renewables energy resources will play a major role in the growth of the battery market.  The automobile sector is one of the most prominent sectors whereas the growth in the automotive sector has led to a surge in demand for electric vehicles which has also supplemented the growth of lithium-Ion batteries over the coming years. In developing countries, government and non-government organizations are spreading awareness regarding environmental pollution and its health impacts. Due to which several governments’ regulations, particularly pollution prone countries have initiated supportive policies and programs to produce and adopt electric vehicles, which is majorly surging the demand for the global battery market over the forecast span. According to BlueWeave Consulting‘s upcoming report, Titled-“ Global Lithium-Ion Battery Market, By Type (Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Iron Phosphate And Others), By Components (Cathode, Anode, Electrolytic Solution, Others) By Application (Consumer Electronics, Industrial And Automotive), By Region; Size And Forecast, 2014-2025”-Global Lithium-Ion battery market is expected with grow with a significant rate in forecast period, 2018-2025, due to growing regulatory focus toward minimizing carbon emissions while increasing the share of renewables on the grid. Moreover, increasing demand of solar PV levels along with introduction of supportive policies and energy storage subsidies, Aging grid infrastructure and rising concerns over climate change will further fuel the global lithium-ion battery market over forecast period.