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illuminem summarizes for you the essential news of the day. Read the the full piece on MIT Technology Review or enjoy below
🗞️ Driving the news: Eos Energy, a pioneer in non-lithium battery technology, has secured a near $400 million loan from the US Department of Energy (DOE)
• The company's zinc-halide batteries could provide a cheaper alternative for renewable energy storage than conventional lithium-ion cells
🔭 The context: Today, lithium-ion batteries are the primary choice for energy storage and even though their cost has significantly dropped over the past ten years, the increasing demand for cheaper options persists
• With renewables like solar and wind offering intermittent energy production, the US grid could need 225-460 gigawatts of long-duration storage by 2050
🌎 Why does it matter for the planet: Alternative batteries, like Eos's zinc-based tech, could ensure a consistent electricity supply, crucial in reducing climate impacts globally
⏭️ What's next: While the zinc-based batteries offer benefits such as increased stability and longevity, challenges such as scaling production and cost-effectiveness remain
💬 One quote: “I think we’ve got a once-in-a-generation opportunity now to make a game-changing impact in our energy transition” (Nathan Kroeker, Eos CFO)
📈 One stat: With the DOE loan, Eos aims to drastically boost production, potentially meeting the daily electricity needs of 130,000 homes by 2026
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