Quick Bites | Australia’s booming battery market

According to Bloomberg, Australia is heading towards a battery boom. Australia’s rapid shift from coal-fired power to cleaner alternatives is underwriting a boom in battery projects able to store solar and wind energy.

Battery storage will play an essential role in the transition of the electricity supply system, allowing the generation from weather-dependent wind and solar plants to be smoothed out and stored for when it is needed.

Australia has at least 250 planned battery developments with a potential capacity of almost 130,000 megawatt-hours, a pipeline that’s second only to China. This could mean that battery materials are heading for a long lasting bull run, albeit with short term or even medium term volatility to be expected. Battery materials include lithium, nickel, manganese, cobalt and graphite.

The Federal Government has committed to 8 large-scale batteries to store renewable energy to be built around Australia to support the grid and help keep energy prices down. The government-owned Australian Renewable Energy Agency (ARENA) will provide $176 million in funding to the projects, leading to an expected tenfold increase in storage capacity.

Source: Bloomberg


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