According to a market research data by P&S Market Research, indicates that the global market for energy storage is likely to grow from $2,663.2 million in 2016 to $26,137.0 million by 2022. With the growing adoption of energy storage in various end-user industries for grid and off-grid applications, the global energy storage market is expected to gain traction. The energy storage market offers the predicted growth opportunities because of falling costs of manufacturing of batteries, in conjugation with car manufacturers scaling up the production of electric vehicles. Stina Resources Ltd. (OTC: STNUF), Enphase Energy, Inc. (NASDAQ: ENPH), SolarEdge Technologies, Inc. (NASDAQ: SEDG), Johnson Controls International Plc (NYSE: JCI), Tesla Inc. (NASDAQ: TSLA)
GTM Research and the Energy Storage Association (ESA) indicate in a report that Lithium-ion batteries are a major component of the market. "Lithium-ion batteries dominated the energy storage market for the eleventh straight quarter, holding 94.2% of the market in Q2 2017. However, Q2 2017 was notable as the first quarter since Q3 2015 in which lithium-ion batteries had a market share of less than 95%. The majority of utility-scale projects deployed in Q2 2017 employed lithium-ion chemistry, and the technology is also favored in the behind-the-meter segment. Growing acceptance of lithium-ion is expected to cause this trend to continue over the next few years," GTM Research reports.
Stina Resources Ltd. (OTCQB: STNUF) also listed on the Canadian Stock Exchange under the Ticker 'SQA'. Announced that, "it in the final stages of negotiating a research agreement with the University of Calgary.
The research conducted by the University of Calgary will focus on vanadium redox flow batteries and the production of vanadium electrolytes. The first stage will involve the development of a battery stack based upon the technological specifications provided by the Pacific Northwest National Laboratory ("PNNL"). "We chose the University of Calgarybecause they already have worked with vanadium flow battery technology and they will deliver practical research within a short time-frame," said Brian Stecyk, President & CEO of Stina.
PNNL is the research leader in vanadium flow battery electrolytes and vanadium flow batteries. This initiative is part of their effort to commercialize the scientific technology they have developed. PNNL, operated by the Battelle Memorial Institute, is a scientific research complex located in Richland, Washington and owned by the US Department of Energy.
The development of a battery stack at the University of Calgary will permit evaluation of various vanadium electrolytes and, in particular, those involving vanadium from Stina's Bisoni McKay vanadium deposit in Nevada."
"Vanadium flow batteries are rapidly becoming one of the main electrical storage technologies for grid-storage. According to the US Department of Energy, there are already 59 installations worldwide. Stina has vanadium resources in Nevada and the University of Calgary's practical research will help us reach our long-term vision of being a vertically integrated producer of vanadium electrolytes," said Brian Stecyk, President & CEO of Stina.
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