"The costs for energy storage systems, and in particular [Li]-ion storage systems, have come down significantly over the past three years, but finding applications that drive consistent revenue remains a challenge," he added.
Lux predicts Li-ion batteries will reach more than 10 GWh (gigawatt-hours) of installed systems annually by 2025, but notes that "they will not capture all [of the energy storage market] as there will be alternative chemistries deployed, like flow batteries and molten salt, among others".
"I'm not a big fan of grid storage involving Li-ion batteries," Jon Hykawy, CEO of Canada-based research group, Stormcrow Research, told IM. "I find that the proponents always cherry-pick their data and manage somehow to argue that the Li-ion battery is the only winning path and I believe this is garbage."
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