With more than 150MWs of energy storage deployed in the US last year two Asian firms are hoping to take a slice of the lucrative market.
Korean electrical components manufacturer LSIS secured its first UL certification for its 1MW ESS, and then met the IEEE 1547 standard— both are required to launch a product in the US.
The company passed all 15 UL evaluations, including maximum electric pressure, charge and discharge of direct current, and stability of power generation.
Vice President Kim Won-il, the chief of LSIS’s electricity infrastructure business division, said: “Although we experienced some difficulties as we were unable to secure an evaluation facility, we were successful throughout the entire evaluation process.
“The UL-certified ESS will enable our company to compete with other global rivals in the fast-growing market in the US.”
The company estimates the ESS market in the US could grow to 5.6 trillion won ($4.87 billion) by 2024 from the current $275 million.
If the rate of growth continues in the US that looks like a conservative estimate. A recent report by GTM Research/Energy Storage Association put the latest year-on-year MW deployment rate at 243%.
The rise to 150MW from 65MW/ 6MWh in 2014 followed a drop in utility scale costs to $700-1,200/kWh. More here
And it’s that level of growth which has seen Sumitomo Corp. together with Sumitomo Corp. of Americas, begin operation of their Willey Battery Utility battery power storage system.
This facility in Hamilton County, Ohio, will provide supply-demand balancing service for the frequency regulation market operated by PJM, a service operator of wholesale electricity in the US.
“Understanding that energy storage service is indispensable for further penetration of renewable energy, we will keep trying to expand our footprint in the energy-storage space, not only in frequency-regulation but also in other types of storage services,” said Nick Hagiwara , director, Power and Infrastructure Group , Sumitomo Corp. of Americas.