In short, Energy Storage is a battery system where electric energy is stored for later use or sale.
Batteries for Energy Storage come in many different types, such as lithium, redox flow, and NAS batteries. Each type of battery has its advantages and disadvantages, but they all involve electrochemical energy storage until it is needed again. The technology has been around for a while but has been further developed in recent years to increase energy capacity and efficiency. Therefore, large amounts of energy can be stored for hours or days.
Furthermore, an Energy Storage facility has a very fast response time, which allows it to be used for other purposes besides charging and discharging electricity. For example, it can be used for ancillary services in the grid, where the battery helps to maintain a constant frequency in the grid. This can be very lucrative.
Thus, Energy Storage facilities have multiple revenue streams, and with proper management, they can maintain a constant and high income.
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