- The global electric vehicle fleet will rise to between 140-240mn cars by 2030, resulting in over 7TW of battery capacity
- The growth of the EV industry as well as the rise in renewable power sources has led to rising interest in vehicle-to-grid technology
- Vehicle-to-grid technology allows for an electric vehicle to engage in bidirectional charging, effectively allowing a vehicle to drive excess power back into the grid
- Through their revolutionary enhanced powertrain solution, Hillcrest Energy Technologies are seeking to pioneer the way towards efficient bidirectional charging
The global electric vehicle population is set to swell to between 140 and 240 million electric battery-powered vehicles by 2030; in effect, it means we will have at least 140 million energy storage devices on wheels with an aggregated storage capacity of 7TWh (terawatt hours) on the road over the course of the next decade (https://nnw.fm/3GvjN). To put that into perspective, a global electric vehicle fleet of 140 million vehicles would effectively be able to power the United States’ annual electricity consumption twice over on a single charge. By some estimates, it could lead electricity consumption to rise by as much as 38 percent within the U.S. by 2050, a phenomenon that has thrust the vehicle-to-grid technology sector into the global spotlight.
Vehicle-to-grid technology enables energy to be pushed back to the power grid from the battery of an electric car; with electric vehicle-to-grid technology – also known as car-to-grid – a car battery can be charged and discharged based on different signals, such as energy production or consumption nearby. With the global vehicle-to-grid technology market size forecast to grow from a value of $1.77 billion in 2022 to approximately $17.43 billion by 2027, a CAGR of more than 48 percent over the period in question, Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF), a clean technology company developing transformative power conversion technologies has sought to introduce its proprietary solution into the mix.
Hillcrest Energy Technologies has filed a patent for an enhanced powertrain solution, which offers the potential to simplify EV charging and redefine how the industry envisions charging infrastructure. The company believes the most exciting benefits of the enhanced powertrain solution are the ability to eliminate the onboard charger and booster from an EV, as well as faster, anywhere charging including direct DC, wireless, and bidirectional charging across current and future power levels.
Global energy grids are increasingly turning towards renewable energy to achieve global decarbonisation and net-zero targets. However, a key issue affecting the deployment of renewable energy sources relates to the storage of energy. While fossil fuels can be seen as a form of energy storage, given they release energy as they are burned, wind and solar energy produce power during intermittent intervals, thus necessitating new ways in which to balance and store energy. While some sources of renewable energy are cheaper in terms of electricity generation costs than conventional fossil fuels, surveys carried out by EIA have revealed the costs of installing and operating large-scale battery storage systems in the United States have declined in recent years. In 2019, the average battery energy storage capital costs $589 per kilowatthour (“kWh”), while battery storage costs fell by 72% between 2015 and 2019, a 27% per year rate of decline. The lowering costs give facilities more space to store energy which increases the duration of battery systems while in use. The price decline in energy storage has expanded beyond batteries into other technologies like hydrogen, compressed air, etc (https://nnw.fm/efF6f).
This phenomenon in turn has driven ever-increasing interest into vehicle-to-grid technology, with electric vehicle batteries being the most cost-efficient form of energy storage given that they require no additional investments in hardware. While an electric vehicle battery will absorb electricity until it is fully charged, the ability for a vehicle to engage in ‘bidirectional’ charging would effectively allow for the vehicle-to-grid charging device to absorb any excess electricity from the car battery and push it back to the grid, where it continues its journey to the nearest location where it’s needed.
The International Energy Agency (“IEA”) has predicted that global renewable electricity capacity will rise by more than 60 percent from 2020 levels to over 4,800 GW – equivalent to the current total global power capacity of fossil fuels and nuclear combined (https://nnw.fm/ylsIS). In fact, renewables are set to account for almost 95 percent of the increase in global power capacity through 2026. With the combined production plus battery storage costs for renewable sources yet to reach parity with conventional fuel sources, electric vehicle batteries may hold the answer for the next step of the global journey towards Net Zero. With its soon-to-be-commercialized enhanced powertrain solution, Hillcrest Energy Technologies is ready for the next phase in the global energy revolution.
For more information, visit the company’s website at www.HillcrestEnergy.tech.
NOTE TO INVESTORS: The latest news and updates relating to HLRTF are available in the company’s newsroom at https://nnw.fm/HLRTF
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