According to the Institute of Mechanical Engineers, an energy storage system that cools air until it becomes liquid could compete with batteries.

Working out ways to store energy is not only crucial to linking more renewable electricity capacity to the grid, but it could also create a market worth up to €500bn by 2030.

Beacon Power Corp., a provider of energy storage systems has established a partnership with the U.S. Department of Energy’s Advanced Research Projects Agency to produce parts of a flywheel energy storage over a period of two years.

Beacon Power, a major player in flywheel energy storage, is now working with U.S. Department of Energy’s Advanced Research Projects Agency – Energy (ARPA-E) on the development of a next-generation of flywheel storage. The new flywheel storage system is expected to be able to store 4 times as much energy as present flywheels, and at one-eighth the per kilowatt-hour cost.

An innovative clean energy collaboration between auto manufacturer Ford, utility Detroit Edison and energy storage systems builder Xtreme Power plans to bring to Michigan one of its largest solar energy systems, which will be used to help in the production and usage of electric vehicles. The system will be installed at Ford’s Michigan Assembly Plant.