Bringing innovation to market: business models for battery storage

Li, Xin, Chalvatzis, Konstantinos ORCID:, Stephanides, Phedeas ORCID:, Papapostolou, Christiana, Kondyli, Emilia, Kaldellis, Kleanthis and Zafirakis, Dimitrios (2019) Bringing innovation to market: business models for battery storage. Energy Procedia, 159. pp. 327-332. ISSN 1876-6102

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Power systems around the world have undergone significant transitions towards a decentralization and decarbonization with higher requirements on supply security and flexibility. Technology advancement helps to improve energy efficiency and bring down cost, which in turn promote the growth of battery storage internationally. Business models of battery storage remain vague given its early stages of development but it is clear that there is no universal business model for batteries given the breadth of applications. In this study, we review the main components of existing business models and highlight the areas to be strengthened in a novel business model. Business models should be distinguished at different scales (utility-scale; behind-the-meter application; community-island mode operation) addressing different needs (to replace existing system or to add new capacity). A successful business model of a battery storage system needs to take into account electricity system transition, market and regulatory barriers, among others. Last but not least, it is important to consider innovations in other technologies for the design of a business model.

Item Type: Article
Additional Information: Made available online: 15 March 2019.
Uncontrolled Keywords: sdg 7 - affordable and clean energy ,/dk/atira/pure/sustainabledevelopmentgoals/affordable_and_clean_energy
Faculty \ School: Faculty of Social Sciences > Norwich Business School
University of East Anglia Research Groups/Centres > Theme - ClimateUEA
UEA Research Groups: Faculty of Social Sciences > Research Groups > Innovation, Technology and Operations Management
University of East Anglia Schools > Faculty of Science > Tyndall Centre for Climate Change Research
Faculty of Science > Research Centres > Tyndall Centre for Climate Change Research
Faculty of Science > Research Groups > Environmental Social Sciences
Depositing User: LivePure Connector
Date Deposited: 26 Mar 2019 11:30
Last Modified: 14 Jun 2023 13:43
DOI: 10.1016/j.egypro.2019.01.007


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