The world bank plans to raise $5 billion to support the battery revolution.
The World Bank plans to promote a $5 billion investment project to support the "battery revolution" in developing countries and boost the local battery industry to meet their growing demand for electricity.
The World Bank is sending a strong signal to the battery industry that there are huge business opportunities in developing countries'energy reserves.
The World Bank will raise $1 billion from its own capital and $4 billion from public and private investors to support new battery technologies and applications and improve the industry's financing environment, the Financial Times reported Wednesday. World Bank President Kim Yong said Monday that the Bank intends to "send a strong signal to the battery industry that there are huge business opportunities in developing countries'energy reserves" and that "everyone in the world should have at least 20 hours of electricity a day, not just when there is the sun". He said the World Bank-sponsored project would encourage companies to develop new, larger batteries that are more responsive to the needs of developing countries, including batteries that last longer, are more durable and can still be used in extreme conditions such as hot weather.
At present, most lithium batteries are used in electric vehicles, but if their costs are further reduced, they may be used as fixed storage equipment to balance the supply and demand of power grid in the short term, and support wind and solar power generation equipment to store energy. As of 2017, batteries with a total capacity of about 4 million kilowatt hours were installed on electric vehicles. But the total capacity of batteries used for fixed storage devices is only 110,000 kilowatt-hours, of which 45,000 kilowatt-hours are installed in developing countries. In developing countries, the cost of generating electricity from batteries is higher, at $400-700 per kilowatt-hour, compared with about $300 in developed countries.
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