It’s been a good week for electric vehicles and battery storage. As the world moves away from conventional energy sources, we explore what developments have happened in the realm of battery technology.
Exxon Mobil has acknowledged that demand for oil-based fuel in cars will soon switch focus to electric and hybrid. With global demand for hybrid cars increasing around the world, as well as strong incentives and cost effectiveness in particular cities, it means that it is cheaper for people to use electric cars. This allows for the opportunity to invest in the infrastructure to keep up with the demand. Exxon already has decades of understanding the petrol station market behind it, using that experience and catering to new rising demand makes business sense for them and it means easier use of the new technology for the consumer.
In addition to electric and hybrid cars, homes could soon be off the grid with the develop-ment of battery storage. A combination of cheaper solar and more efficient and cost effective battery solutions could revolutionise the utility market as we know it. Tesla, a company that is producing 100% electric vehicles, has announced that it is investing billions into a factory that will produce half of the world’s electric battery capacity. The company has unveiled plans for the domestic market where production will begin in around six months’ time. This means that those with solar panels on their homes who produce more energy than required could eventually be able to store the energy and use it later, rather than sell it to the grid.
Both of these developments point to the changing world of utilities. Oil and gas majors like Exxon Mobil are understanding the importance of infrastructure battery solutions and taking the low risk option, while the young company, Tesla, is seen taking a bigger risk in the research and development stage.
