An energy storage systems manufacturer is giving electric vehicle batteries a place to retire, and a second life to provide a much-needed boost to Canada’s aging power grid as it struggles to keep up with soaring demand.
Power consumption doesn’t always match power production, but with an energy storage system the two actions can get more in sync. This can also reduce the cost and pollution associated with generating energy. Canada is electrifying rapidly. The country needs to more than triple its power generation capacity to meet the federal government’s net-zero emissions goal by 2050, according to a report by the Ivey Energy Policy and Management Centre at Western University. The report outlines actions that the authors deem necessary, such as building more than 23,000 kilometres of high voltage transmission lines and investing in energy storage technologies, which together will total a cost of more than $1.
The company is growing in step with North America’s escalating electrification. Since Moment Energy was founded in 2020, it has grown from Ms. Rattan and her three co-founders working out of her parents’ garage to a team of about 40. Together, they’re collaborating with automakers such as Mercedes-Benz AG and Nissan Motor Corp., and are targeting a global battery energy storage market that is predicted to be valued at more than US$30-billion a year by 2030.
“If you think about vehicles connecting into Hydro Ottawa’s grid, depending on when and where they’re charging, that could be a very big draw on their system,” Mr. Conkwright said.