The Race to Build a Better Battery

Presented by Otis

Propmodo Technology

By Franco Faraudo · September 11, 2024

Greetings,

This week, Propmodo Technology is diving into vertical transportation with the support of our friends at Otis. Learn more about elevator modernization for improved safety, reliability, and sustainability. In today's newsletter, we're looking at the new battery technologies being developed to help buildings better manage their energy use.

Let’s go!

The Race To Build a Better Battery

Due to variable energy demand throughout the day and the inconsistent nature of renewable energy generation, batteries are critical to creating a low or no-carbon energy system. Storing energy when demand is low and the supply of clean energy is high, then using it during peak demand is one of the best ways to reduce our dependence on fossil fuels. But, this requires deploying a large number of batteries, both at the grid level and in individual buildings. Unfortunately, the most commonly used technology today, lithium-ion batteries, has significant downsides, including high cost, limited shelf life, and carbon-intensive supply chains. This is why the search for better battery technology that can be deployed in buildings across the country and around the world is underway.

One organization pushing the development of new technology is the U.S. Department of Energy, which recently announced $125 million in funding for two research laboratories. These labs are developing "a better understanding of foundational battery and materials sciences to enable scalable battery designs with versatile and reversible energy storage capabilities beyond what is currently possible."

But what are these new energy storage technologies being developed by top scientists and funded by the government? There are a few promising innovations. One replaces the most expensive and environmentally harmful ingredient in current batteries, lithium, with sodium. Sodium-ion batteries have the potential to be cheaper, more efficient, and safer than lithium-ion ones, and they can even be easily recycled, preventing hazardous waste from ending up in landfills. This new battery technology is so promising that one startup is planning to build a $1.4 billion factory in North Carolina to manufacture them at scale.

Another promising battery technology is iron air batteries that generate electricity from the oxidation (and store it with the reverse oxidation) of iron. The advantage of these types of batteries is that they can hold electricity at around one-tenth of the cost of other batteries due to the abundance and availability of iron. One company is betting big on this tech as well, Form Energy has built a $760 million dollar manufacturing plant in West Virginia.

There is little doubt that batteries will play a major role in most new buildings’ energy strategies. But, what remains uncertain is which type of battery will come out on top. Thanks to a push from industry, academia, and governments alike, the next generation of batteries is likely to be much more sustainable and cost-effective than what we have today. But for the real estate industry, this development poses a challenge: it needs energy storage solutions now but also wants to avoid buyer's remorse when current technology becomes obsolete.

Presented by Otis

A new level of connectivity

Otis ONE is the IoT solution that connects your elevator to the cloud to deliver a seamless passenger experience.

From real-time data insights to remote monitoring, enhance your building’s performance with one of our three Otis ONE maintenance packages.

Get exclusive access to a complimentary software demonstration and experience how Otis ONE brings you transparent information, proactive communications and predictive insights.

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More Propmodo Technology

Propmodo Technology is edited by Franco Faraudo with contributions from readers like you and the Propmodo team.

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