A groundbreaking collaboration between scientists in the United States and China is underway to harness gravity energy storage, a novel technology that utilizes heavy blocks to store energy. This innovative system, developed by Energy Vault, has the potential to produce 50 gigawatts (GW) of energy per year and aims to provide a sustainable, low-cost alternative for grid-scale energy storage. The first commercial project is currently being constructed in Rudong, China, featuring a 20 megawatt (MW)/80 megawatt-hour (MWh) system expected to be operational in 2024. Once completed, it will supply fossil-free electricity to approximately 15,000 homes, showcasing the technology's commercial viability and its potential for global replication. Construction of the Rudong facility began in 2021, marking a significant step forward in the pursuit of renewable energy solutions.
In addition to this collaboration, Peter Lee, a Hong Kong-based tycoon, has founded a startup called EnerVenue, aiming to utilize battery technology originally developed for space applications on Earth. EnerVenue plans to scale up its nickel and hydrogen batteries at factories in China and the US, targeting energy storage solutions for renewable energy infrastructure. These batteries boast a remarkable charge-discharge limit of 30,000 cycles, translating to a lifespan of 30 years. The startup is currently building its first one gigawatt-hour (GWh) energy storage factory in China, with plans to expand to 10 GWh of capacity in both the US and China, striving to be cost-competitive in the large-scale energy storage market while offering improved safety and sustainability compared to traditional lithium-ion batteries.
Meanwhile, China has launched its first large-scale energy storage station powered by sodium-ion batteries. The Fulin Sodium-ion Battery Energy Storage Station, located in Nanning, Guangxi Zhuang autonomous region, began its first phase of operation on May 11. With a storage capacity of up to 10 megawatt-hours (MWh), it is projected to generate an annual power output of 73,000 MWh, significantly reducing carbon dioxide emissions by about 50,000 tons. Sodium-ion batteries are seen as a cost-effective alternative to lithium-ion batteries, with raw material costs approximately 30% to 40% lower, although they do have lower energy density and a shorter life cycle.
In the United States, Princeton NuEnergy (PNE) is making strides in lithium-ion battery recycling. The company has broken ground on the nation's first commercial-scale lithium-ion battery direct recycling facility in Chester County, South Carolina. Utilizing PNE's low-temperature, plasma-assisted separation process (LPASâ„¢), the facility is expected to produce over 10,000 tons per annum (tpa) of battery-grade cathode material, equivalent to more than 100,000 electric vehicle (EV) batteries annually. This innovative recycling process recovers over 95% of lithium-ion materials and is cleaner and less costly than traditional methods, potentially reducing costs by up to 40% and environmental waste by up to 70%. The facility will create 41 new jobs and contribute to South Carolina's alternative energy sector.
In Hong Kong, Leoch International Technology has partnered with GRST, a green tech startup that won Prince William's Earthshot Prize, to commercialize sustainable battery technology. Leoch, primarily generating revenues from lead-acid batteries, is expanding its lithium-ion battery business and seeking climate-friendly production technologies. The global market for lithium-ion batteries is projected to triple in size to $257 billion by 2030. GRST's technology can reduce greenhouse gas emissions by up to 40% during production and by up to 80% during recycling. This collaboration aims to enhance cost advantages and market competitiveness while promoting sustainable batteries with lower carbon footprints and greater recyclability.
These developments in energy storage and battery technology underscore the ongoing efforts to improve sustainability and efficiency in the renewable energy sector, highlighting the importance of international collaboration in addressing global energy challenges.