Powering the Future: How Canada Can Lead in Energy Storage Innovation

(Read the full article on TheFutureEconomy.ca)
By Justin W. Rangooni, President and CEO - Energy Storage Canada

February 21, 2025 - The International Energy Agency’s (IEA) 2024 World Energy Outlook signalled the need for the world to “massively increase its energy storage capacity” in the coming years and further highlighted that energy storage resources will be a “key source of dispatchable capacity globally.” In 2023, the global energy storage market nearly tripled, and 2024 is positioned to deliver more than 100 gigawatt hours (GWh) of capacity in a single year for the first time. Established energy storage technologies, such as lithium-ion battery energy storage systems (BESS), have reached their lowest price point since 2017, dropping to $115 per kilowatt hour (KWh). Emerging technologies are transitioning from pilot projects to large-scale deployments, offering a diverse array of storage solutions for grid operators.

In this global context, Canada is well-placed to be a leader in the development and deployment of energy storage technologies that will drive the future of the energy sector. Canada has an abundance of natural resources, a clean electricity grid, and an established innovation ecosystem for energy. The country has a well-established infrastructure, a skilled workforce, and access to critical minerals, supported by massive potential for continued renewable energy development. In addition, Canada is already internationally engaged in climate and energy issues and has established strategic partnerships with other energy leaders identifying and deploying solutions that will address global energy challenges and accelerate the clean energy transition, including energy storage.

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