General Electric is relaunching its energy storage business and has its sights set on becoming a sizable player in the market, Reuters reports.
In the wake of diminishing demand for its Durathon industrial battery, GE has overhauled its approach to the energy storage market and is now positioning itself as a provider of energy storage systems, offering inverters, control systems, software and financing. As part of its energy storage system, the company is also offering customers the option to install lithium-ion batteries made by other companies. GE has already made two deals to supply energy storage projects with lithium-ion batteries in California and Ontario, Canada.
Lithium-ion is leading technology in the energy storage market, according to Navigant Research.
While GE said it would consider acquisitions to advance its energy storage strategy, it believes it can leverage its existing relationships in the energy industry to compete and grow in the market.
Earlier this year, the company scaled back production of the Durathon battery and is focusing on improving its longevity.
According to Lux Research, the energy storage market is expected to reach $50 billion by 2020.
