The EU has agreed to nearly quadruple its energy storage capacity, from 55 GW today to a targeted 200 GW by 2030. Netherlands-based Ore Energy just signed Europe's first iron-air battery deal, a technology that can store power for up to four days versus lithium-ion's four hours.
Europe's gas reserves have dropped below 50% capacity as the closure of the Strait of Hormuz chokes off imports ahead of winter. Europe desperately needs an energy storage revolution.
As a result, European leaders are fast-tracking the development of indigenous energy supplies, most notably solar and wind energy.
In June, energy ministers signed a historic agreement to triple the European Union’s energy storage capacity, starting by adding approximately 30-35 gigawatt-hours (GW) of new capacity by 2028.
Currently, the EU has just 55 GW of installed storage capacity, a starkly scant amount compared to the estimated 200 GW of storage capacity that the bloc will need by 2030.
Ore Energy, a Netherlands-based company just landed a huge deal to deploy 1 gigawatt-hour (GWh) of energy storage through the use of an iron-air battery.
