MAXIMIZING THE VALUE OF BATTERY ENERGY STORAGE SYSTEMS IN 4 STEPS
The use of energy storage systems is growing exponentially as costs decrease and deployment options increase. Among currently available storage systems, batteries based on lithium-ion chemistry can provide a significant amount of this flexibility due to their high power and energy density and relatively low cost per unit of energy.
However, several challenges must be overcome to profitably operate a battery energy storage system (BESS) over its lifetime. Battery analytics and smart algorithms can help provide insights to make the right decisions.
- What is the best deployment option?
- What are upfront and operation costs for a BESS?
- Is battery aging a serious problem?
- How much maintenance does a BESS need?
- How long can I operate this system? 10 years? 20 years?
This article will walk you through some of the most common steps when considering the deployment and operation of a battery storage system, and show you the power of data monitoring, smart algorithms, and simulations to maximize the economic return of battery energy storage systems throughout their lifetime across multiple revenue streams.
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TWAICE provides predictive analytics software that optimizes the development and operation of lithium-ion batteries. TWAICE’s core technology is the digital twin – a software that combines deep battery knowledge and artificial intelligence to determine the condition and predict aging and performance of batteries. This makes complex battery systems more transparent, effective and reliable. As the leading battery analytics software for global players in the mobility and energy sectors, TWAICE is committed to increasing the lifetime, efficiency and sustainability of the products that power the economy of tomorrow.