The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.
Battery storage had a total makeover in the last decade. In 2010, batteries powered our phones and computers. Today, they power our cars and houses, too.
One of the main reasons for the transformation in the last decade is the surge in lithium-ion battery production, which drove prices down to the extent that electric vehicles (EVs) became commercially viable for the first time in history.
Now, battery storage is having its moment.
Transition to a Renewable-Fueled World
The global energy storage market is projected to grow to $546 billion by the year 2035, according to a report from Lux Research.
The report identifies 5 major technologies that are well-positioned to drive growth in energy storage markets: battery recycling, electric aviation, flow batteries, thin-film batteries and solid-state battery improvements.
Some of the key drivers for the significant forecast growth include improved accessibility, supportive policies, and advances in digital technologies such as artificial intelligence, blockchain and predictive analytics.
Battery storage offers the flexibility required by the grid to support the integration of variable power generation from renewables.
Solar and wind play essential roles in power generation. But, they require effective energy storage techniques. When the sun isn’t shining and the wind isn’t howling, natural gas and coal work as substitutes.
This dependency is why batteries are essential in the transition to a renewable-fueled world.
Need for Innovation
Battery storage is becoming more prevalent throughout the energy sectors as it is scalable and offers advantages to everyone — families and small businesses to corporations worldwide.
Several major global players such as General Motors GM, (Amazon AMZN, Ford Motors F, Tesla TSLA, Nio NIO, Plug Power PLUG, Enphase Energy ENPH, SunPower SPWR and EOS Energy EOSE are competing to offer the best energy storage solutions.
But when it comes to innovation, one company seems to stand out from the competition.
Worksport WKSP, a globally recognized designer and producer of tonneau or truck bed covers, offers a battery storage solution called TerraVis COR™ that is unlike anything on the battery storage market.
Why is TerraVis COR Special?
TerraVis COR mobile energy storage system (ESS) is an outgrowth of Worksport’s ground-breaking TerraVis™ tonneau cover system, a recently introduced fusion of cutting-edge solar power, storage and delivery.
The system has 3 main unique selling propositions:
1. Removable battery
The TerraVis COR battery system is removable. The system will take power from the truck bed cover and store it in modular battery packs — storing 1.5kWh of energy in up to 4 batteries that can be stored and transported in the truck's bed using the TerraVis mounting system. It will allow the same freedom from the power grid — being chargeable by any wall outlet, solar panel or 12V power source. Consumers can be more mobile as they have a large battery capacity in a smaller package.
With TerraVis COR, consumers can swap the battery without cutting power to the device up to a certain wattage. The feature is the first of its kind, providing continually charged COR battery packs, where depleted batteries can be removed, recharged and replaced — on-demand.
3. True portability
TerraVis COR is exciting because it will also be a standalone consumer product. With Worksport’s unique solar truck bed cover and mounting system, consumers can go anywhere, acting as a true mobile powerstation. The batteries will power almost anything with its in-built 2,000W power inverter, which will be extremely useful at a job site, campsite or in the event of a natural disaster or power outage.
Worksport has completed the final designs for TerraVis COR and has entered the production prototype phase, with the first preproduction prototype expected to be ready by early Q3 2021.
The prototype system will be fully operational and is expected to mirror commercially available systems by the end of the year. The product is undergoing extensive testing for several certifications as it plans to go beyond North America and make it a commercially viable product on a global scale.
Plans to further expand TerraVis COR™ to grid micro-charging stations for smaller form-factor EVs are in the works and the company plans to pursue applications within freight and& transport, marine and rail industries.
The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.
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