NYSERDA Announces 30 Percent Job Growth in New York’s Energy Storage Industry Over Four Years, Bring
NYS storage industry’s annual global revenues grew 50 percent to $906 million between 2012 and 2015, projected increase to $8.7 billion by 2030
Supports Governor’s Directive to Reach 50 Percent Renewable Power by 2030
The New York State Energy Research and Development Authority (NYSERDA) announced today that jobs in the State’s energy storage sector grew to approximately 3,900 – a 30 percent increase from 2012 through 2015, according to a recently completed report. New York’s commitment to clean energy, including its nation-leading energy goals, have helped spur the strong growth, which also saw annual industry revenues reach an estimated $906 million during the same time period, a 50 percent increase.
The report, “The Energy Storage Industry in New York State: Recent Growth and Projections 2015 Update,” was funded by NYSERDA and issued by Industrial Economics Inc. NYSERDA established the New York Battery and Energy Storage Technology Consortium (NY-BEST™) in 2010 to help position New York State as a global leader in energy storage technology for electric grid, transportation, and other large-scale storage applications, working with industry and academic partners. The consortium now includes Fortune 500 companies, start-ups, universities, national research centers and laboratories spanning all facets of the energy sector.
Energy storage will advance the State’s efforts to have 50 percent of its electricity come from renewable sources by 2030, as it can save power generated from solar, wind and Combined Heat and Power (CHP) systems for later use. In addition, when power demand is high, energy storage can keep costs low and keep electricity reliable, enabling buildings to operate during power outages.
John B. Rhodes, President and CEO, NYSERDA, said, “New York State has become a hub for energy storage technologies, creating new, skilled technology jobs and meeting the needs of utilities, building owners, manufacturers and other large power users. Under Governor Cuomo’s Reforming the Energy Vision to create an energy system that is cleaner, more affordable, and more resilient, strong growth continues for storage technology and investments.”
The report projects that by 2030, New York’s energy storage industry could realize annual global revenues between $5.6 billion and $8.7 billion, with total job growth between 17,300 and 26,800 employees.
In addition to use with power generation, energy storage technology is also used in electric vehicles, which uses the energy from braking to recharge energy storage batteries. As a result, energy storage technology helps the State reduce greenhouse gas emissions.
Energy storage research, development and deployment is a component of NYSERDA’s technology and business innovation work. This work supports a vibrant, self-sustaining clean energy technology innovation environment to accelerate the growth and scale of businesses that serve the clean energy market in New York State and globally.
NYSERDA has invested in more than 50 energy storage technology development projects across the state. It is also working to reduce soft costs associated with distributed energy storage systems by 33 percent in five years. Distributed energy storage systems are those that are distributed in various locations so the electric grid can balance supply and demand for electricity in a more cost-effective and environmentally-friendly way.
In December, NYSERDA hosted a two-day on-site power conference and expo, which, for the first time, brought together leaders in solar, energy storage and CHP to facilitate discussions about when and how the technologies can work together to help New York meet its clean energy goals. NYSERDA also helped to establish and expand facilities in Rochester and Long Island that provide testing and validation for new energy storage technologies.
“NY-BEST is pleased that our efforts to grow the energy storage industry in New York State are producing positive results,” said Dr. William Acker, Executive Director of NY-BEST. “Thanks to the State’s clean energy policies and strategic investments, New York State has created an unmatched ecosystem for energy storage companies seeking to grow their businesses and we look forward to continuing to help foster the growth of this industry in New York.”