Black & Veatch and Dynapower Company have signed an agreement to create a strategic alliance to address the growing need for grid-scale energy storage systems. Through the alliance the companies will work together to address both transmission- and distribution-level energy storage projects, both in North America and internationally. The partnership will develop and deploy storage solutions of all sizes and technologies.
Dynapower's industry-leading inverter technology will be combined with Black & Veatch's engineering and construction expertise, enabling clients to implement customized solutions that are engineered to support a range of storage technologies.
There is an estimated $10 billion energy storage market in North America by 2022, according to Black & Veatch. This growth is driven by several factors, including grid stability, state-level storage mandates, and an increased level of renewable energy sources.
"There continues to be an increasing amount of renewable energy being deployed on the grid," said Dean Oskvig, President and CEO of Black & Veatch's energy business. "These resources often require the support of energy storage to reduce supply variability and improve grid stability."
The 2014 Strategic Directions: U.S. Electric Industry report from Black & Veatch shows that nearly two-thirds of industry respondents view energy storage as the most important technology for facilitating the integration of variable energy sources.
"As today's technology improves in cost and performance and establishes its place as a mainstream grid solution, energy storage will play a key role in ensuring that electricity grids become cleaner, more reliable, responsive and cost-effective," said Adam Knudsen, Dynapower President and CO