7 Energy Storage Companies to Watch Out for in 2024

For 10 years, we have been engaged in an energy transition from a fossil to a carbon-free energy economy, an objective to attain by the year 2050. This energy revolution is bringing profound changes in our power systems, from centralized to decentralized energy generation with the rise of renewables.

Since 2010, renewable energies have shown double-digit growth every year (on average +13% per year) boosted by wind and solar, now reaching 28% of the global electricity production, and this trend is not over.

However, it brings out technical challenges as our electricity networks were not built to sustain multiple decentralized and variable energy sources.

Modernization and transformation of the way we use energy are a necessity to avoid the energy grid from collapsing.

Several pathways are being followed, and among, them renewable electricity storage will play an essential role in the future smart energy grid.

Dozens of companies are now offering energy storage solutions. In this article, our energy storage expert has selected the most promising energy storage companies of 2024 and demonstrates how their technologies will contribute to a smart, safe, and carbon-free electricity network.

Energy Storage in Batteries

The most common way of storing electricity is with batteries. Various technologies are being developed by promising companies, from lithium to redox flow batteries. Let’s have a look at four most promising battery storage companies in 2024.

1. Alpha ESS

Company Profile

Alpha ESS is a Chinese company operating worldwide since 2012, they are covering both residential and commercial markets with energy storage solutions based on lithium battery technologies. They have a production capacity of 1 GWh per year and are focused on innovation with 40% of their employees working in R&D (research and development).

Main Technology

Alpha ESS offers a global solution in energy storage. Not only do they develop energy storage systems based on lithium batteries, but they also develop BMS (battery management systems), EMS (energy management system), cloud energy platforms, and energy system integration (smart energy).

Why Is It a Promising Energy Storage Company?

The strength of Alpha ESS is to cover all energy storage applications at a grid scale level (electricity peak shaving, renewable energy integration, energy transmission) and at the residential level (micro-grid, off-grid, self-consumption, backup power). They are committed to deliver the most innovative and reliable products in both hardware (battery) and software (smart grid). Therefore, it is not a surprise to find them as recipients of awards like Top Brand PV in Australia and listed as one of the Top Cleantech companies in the world.

2. Romeo Power

Company Profile 

Romeo Power is a US-based lithium battery company founded in 2015 by an elite team of engineers and innovators from major companies like Tesla, Samsung, SpaceX, and Amazon. They are dedicated to developing energy-dense battery packs for the automotive industry. Their key markets are North American commercial vehicles like trucks and buses and European high-performance and commercial vehicles.

Main Technology

Their batteries offer up to 30% more energy density than other manufacturers, which therefore means longer operation range for vehicles. They develop advanced battery management systems (BMS) for vehicles that enable faster charging and present improved mileage estimation together with lower battery cell aging. They produce thermal solutions to cool down batteries, therefore optimizing the vehicle performances at high speed or during strong acceleration. In addition, they work on the safety of the battery pack with dedicated power electronic engineering and destructive testing.

Why Is It a Promising Energy Storage Company?

Thanks to a high level of innovation, Romeo Power has a bright future in the electric vehicle (EV) industry. The EV market is booming with a 40% sales increase in 2020 (4.4% of the global market share) and is expected to grow another 50% in 2021. The total market share is forecasted to reach 50% of all vehicles by 2030.

Romeo Power is focused on commercial EV, which is still a niche market compared to the individual EV. Therefore, the company, with its advanced battery storage solution for trucks and buses, is forecasted to be a key player in the coming years.

3. ESS Inc

Company Profile

ESS Inc is a US-based energy storage company established in 2011 by a team of material science and renewable energy specialists. It took them 8 years to commercialize their first energy storage solution (from laboratory to commercial scale). They offer long-duration energy storage platforms based on the innovative redox-flow battery technology. Their first energy center production line was launched in 2020.

Main Technology

ESS Inc is developing iron redox flow battery solutions. In a redox flow battery, the solid positive and negative electrodes are replaced by two electrolyte solutions that flow continuously and exchange ions through a central membrane, generating a flux of electrons (electricity) in the electric system. Thanks to this technology, their products exhibit an extremely long life duration of 20,000 cycles with no degradation (25 years’ operating life), low level of toxicity (no lithium), and quick power response times.

Why Is It a Promising Energy Storage Company?

After 10 years of continuous R&D, ESS Inc was able to masterize the iron redox flow battery technology offering scalable storage solutions with high power and energy capacity for the electricity network (6 MW and 74 MWh) and for local commercial applications (400 kWh). There is no doubt that ESS Inc will have a key role in the smart electricity network, thanks to the lowest LCOS (levelized cost of storage) as low as 0.03$/kWh.

4. EOS

Company Profile

EOS is a US-based company founded in 2008. It took them 12 years from laboratory to commercial production of their stationary energy storage solutions. In January 2020, they launched their 1 GWh production line and were listed on NASDAQ in November 2020. EOS offers grid-scale energy storage solutions and commercial solutions for peak shaving and energy demand management.

Main Technology

More than 10 years of active R&D was needed to bring to the market their zinc (Zn)-based battery. The main component is the zinc hybrid cathode technology (Znyth® Battery) built on 21 patents. Thanks to a high level of innovation, their energy storage system has a 15-year life duration, can work under extreme temperature, is safe to operate, is 100% recyclable, has immediate response time, and is scalable from commercial to global grid scale.

Why Is It a Promising Energy Storage Company?

EOS is addressing the same market as ESS Inc, however, with a different technology. Even though they have a lower life duration of 15 years, their products show several advantages such as a higher energy density. Therefore their batteries can fit in smaller spaces and are scalable to 10 MW and more. There is no doubt that ESS Inc will be a key player in energy storage for peak shaving and energy arbitrage for a more efficient use of the global electricity network with high renewable energy penetration rates.

Energy Storage with Hydrogen Technologies

Hydrogen technologies enable long-term and seasonal renewable energy storage. After being confined in laboratories for decades, they are now gaining momentum and are expected to be a key player in the energy smart grid (10% yearly growth rate up to 2030).

Let’s have a look at three hydrogen energy storage companies to watch out for in 2024.

1. Enapter

Company Profile

Enapter is a German-based company founded in 2004 with a long history of successful R&D and technological demonstrations. ln Thailand, they developed the world’s first domestic micro-grid fully powered by solar energy and hydrogen energy storage technologies. They are pioneers in green hydrogen production.

Main Technology

Hydrogen is not a primary energy source, and it needs to be produced. Luckily, it is the most abundant element in the universe and can be generated from the electrolysis of water. Enapter has developed a whole solution to produce hydrogen from water using renewable energy: the AEM electrolyzer. Their electrolyzer is fully recyclable, stackable in 19-inch racks, and offers high efficiency with up to 1 kg of pure hydrogen produced per day. In addition, it is plug-and-play and allows remote operation with advanced energy management software.

Why Is It a Promising Energy Storage Company?

Enapter is promised a bright future thanks to their long-demonstrated experience in green hydrogen production. Indeed, excess electricity generated by renewables could be converted into hydrogen by water electrolysis, then stored for medium- or long-term use to paliate to renewable energy shortage (at night, cloudy days, during winter, etc.). Furthermore, their product is modular and is fit for all use from domestic to industrial applications with high hydrogen production volumes.

2. LAVO

Company Profile

LAVO is an Australian company newly created by a team of passionate green energy scientists and entrepreneurs. LAVO hit the headlines early in 2022 for being the first company to offer an integrative solution based on hydrogen technology to power a house.

Main Technology

The main product of LAVO is an integrated hybrid hydrogen battery that delivers clean and sustainable energy when connected to a solar system. Their system is plug-and-play and has a global storage capacity of 40 kWh. It is highly durable with 20,000 cycles (or 30 years of operation). Inside the LAVO system, you will find an MPPT solar charger, an electrolyzer to produce hydrogen from water, a metal hydride hydrogen storage tank (store hydrogen like a sponge), a 5kWh lithium battery acting as a buffer, a hydrogen fuel cell that generates electricity from hydrogen, and a pure sine wave inverter to deliver AC power.

Why Is It a Promising Energy Storage Company?

The solution of LAVO is ready for the future of renewable energy storage. It is extremely durable, safe – as hydrogen is not stored as a gas but in a sponge like material – and the storage capacity is high (2–3 days of energy consumption of an average house). In addition, energy for domestic use is produced by solar panels and stored via water electrolysis which is more environmentally friendly than battery solutions.

3. Home Power Solutions

Company Profile

Home Power Solutions (HPS) is a German company specialized in green hydrogen energy storage systems for houses. Founded by a team of hydrogen specialists (engineers and PhDs), the mission of the company is to support the expansion of renewable energies. They are developing products that integrate the latest innovation in hydrogen energy technologies for domestic use.

Main Technology

More discreet than LAVO, they offer similar products with much higher specifications. Their main product, the PICEA, could be described as an all-integrated energy storage system for domestic use. Whereas the LAVO power solution only generates electricity, the HPS solution combines the production of heat and electricity. Inside the PICEA, you’ll find an MPPT solar charger, a water electrolyzer to produce hydrogen, a hydrogen fuel cell, a 7-kW DC/AC inverter, a 25-kWh buffer lithium battery, a hydrogen storage tank with a capacity of 300 kWh (expandable to 1500 kWh), a waste heat recovery element, and an active hydrogen water heater.

This is the most complete all-integrated hydrogen storage energy solution so far.

Why Is It a Promising Energy Storage Company?

LAVO brought to the market the most advanced hydrogen energy storage solution for domestic use. There are several advantages – one is that it has a long life duration of 20–25 years, which is a great solution for seasonal electricity storage. For example, convert the excess of electricity produced by solar panels during summer into hydrogen, and use it during winter. The rated capacity offers around 12 days of full autonomy for a house and could be extended to 60 days.

In addition, it integrates a heat recovery system that increases the overall efficiency of the product.

What Is the Future of Energy Storage?

Energy storage companies have a bright future, thanks to the ongoing energy transition and the transformation of our electricity grid into a smart energy network.

In the coming decades, two technologies will compete as illustrated in this article – battery and hydrogen for energy storage. Whereas batteries (lithium and other technologies) will probably reign on the automotive market, hydrogen energy storage could be the leading technology for stationary storage.

Above all, one of the most important metrics when comparing energy storage technologies is the LCOS (levelized cost of storage). So far, hydrogen and redox-flow batteries have the lowest LCOS, thanks to long-life duration of 25–30 years.