How Energytech is Shaping the Future of Electricity
The energy industry is undergoing a significant technological transition that’s pushing traditional energy supply channels to their limits. Positively, this new wave of technology has brought along innovative energy projects that seek to generate more power, with less dependence on fossil fuels. In fact, looking closely at the energy sector now, we can see a number of indications that point to a significant change in the industry’s future.
The Systems Behind the Energy Revolution
Despite the pandemic, strong technological trends are pushing the pace of the energy revolution. While there may have been some reduction in energy use during the pandemic, electricity demand is expected to substantially rise over the next several years.
Fortunately, new developments in the energy sector are focused on more efficient energy generation processes.
Renewable Energy: Renewable energy helps to safeguard the environment by emitting little to no harmful pollutants. The underlying proposition of renewable energy is to get it from a constant source in the environment, like geothermal sources, wind, or the sun.
The conversion of the source into useful electricity or fuels is the next critical step. One of the most significant energy sector trends is the variety of technologies that address various aspects of generating power or heat from renewables. This involves lowering the cost of producing renewable infrastructure and increasing the efficiency of power generation.
Internet of Energy: Electric power systems have traditionally been built with a central design, which presents a new set of issues to the business. Several of these issues are addressed by IoE, which provides improved efficiency and optimal design for building energy systems.
The Internet of Energy enforces intelligent distributed authority via energy transactions between its users. This unique energy-generating model builds a smart grid and increases the macro-energy system coordination and optimization.
Energy Storage: Most of the current technologies in the energy sector can generate enough energy, but they don’t have cost-effective energy storage solutions. By proactively controlling consumer demand, energy storage allows for stable pricing. Consumers may stock up on energy during perfect conditions if they have the option to purchase it for future consumption. As buying energy gets more expensive, this collected energy serves to reduce grid loads during peak periods, while prosumers earn more.
Blockchain Technology: New ideas are introducing blockchain technology into the energy sector. The goal is to bring all energy stakeholders together under a single decentralized network. Smart contracts could assist distribution network operators, electricity producers, traders, financial service providers, and metering operators.
These contracts make sure that all energy-related transactions are routed through a secure, immutable network, reducing the risk of losses. By making electricity more affordable for more people, blockchain has the ability to achieve some degree of equity between energy producers and consumers.
Energy-as-a-Service (EaaS): Distributed energy resources (DERs) that are monitored by a combination of AI and IoT are crucial to several future visions of the energy system. These elements, along with blockchain and an increasing number of energy prosumers, make up energy-as-a-service solutions.
EaaS enables the evolution from selling energy to selling energy-related services like consumption tracking, production optimization, and consumption management. The existence of local energy sources and storage alternatives improves system efficiency while also allowing more people to access energy.
The Innovative Approaches of Israeli Startups
As the demand for alternative energy and power storage continues to grow, Israel is well-positioned to spearhead another vertical that could have a big impact on the global Energytech industry. The Middle Eastern nation is the home to a few startups that have the potential to revolutionize Energytech.
One of these startups was launched in 2011 and it has already become a leading onshore wave energy technology firm. This startup developed a solution that can convert ocean and sea waves into clean, renewable electricity. The innovative, cost-effective, and clever approach was created with the intention of aiding in the fight against climate change, which they set out to do by enabling commercial wave power production.
The United Nations has already acknowledged this startup for its inventions, awarding it the “Climate Action Award” recently. The technology is projected to play a critical role in reducing carbon emissions and facilitating the long-term transition from non-renewable to clean, renewable energy.
Another startup is working on a water-splitting device that will be 95 percent efficient, run at higher pressures, and cost a fraction of what an electrolyzer does. According to the company, the technology will support intermittent renewable energy use while lowering the cost.
Kinetic energy storage
To address complaints about slow charging, another startup has created an exceptional kinetic energy storage system that allows for endless high-power charge and discharge cycles, something that battery-based charging stations cannot do. This startup’s EV Charging system, which is perfect for meeting the needs of the ever-growing European market, lowers the barriers to entry for extensive, quick, and economical EV charging anyplace. The patented solution is a low-cost kinetic energy storage system that may be used in a variety of grid edge applications in industries such as automotive, utility, and real estate.
We are well on our way to seeing a future where social innovation will integrate renewables into smart grids and produce clean and reliable energy sources, thanks to the energy sector’s digital transformation.
Consumers are increasingly favoring renewable energy sources, which encourages the energy business to invest in more environmentally friendly innovations. Businesses, consumers, and society all benefit from digital innovation because it motivates them to engage in sustainable energy solutions that lower costs and give them more control over their energy usage while also helping the environment.
Startups and developing businesses create a wide range of solutions for energy producers, consumers, and prosumers. The development of breakthrough technologies to lower the cost of solar and wind energy, expand the capacity of energy storage, and enhance the efficiency of batteries creates interest and investment.