“In simple terms, energy storage provides a way to save previously generated energy and use it at a later time. That energy can be stored as potential, kinetic, chemical, or thermal energy and then can be released in various forms, most commonly as electricity. The ability to bank energy for later use makes energy storage a useful and versatile resource for electric companies and their customers.” – Source EEI, Edison Electric Institute, “Harnessing the Potential of Energy Storage” May 2017
Battery and energy storage components are an important part of DER’s (Distributed Energy Resources) to build systems moving energy generation and storage closer to energy consumption.
For our purposes here, we are using energy storage as it refers to lithium-ion battery technology.