Korea Electrical Safety Corporation (President Nam Hwayoung) will collaborate with Samsung SDI to develop next-generation battery energy storage systems (BESS) that can be safely used even in extreme environments. SEOUL, May 26 (AJP) - South Korea has launched its most ambitious energy storage initiative yet, opening the door to what officials estimate could become a $29 billion market by 2038 — offering a much-needed boost to domestic battery manufacturers grappling with a global slowdown in electric. Electricity storage can play a significant role in modern decarbonized energy systems by enabling a time- delayed use of electricity. Especially for the integration of intermittent energy sources such as wind and solar energy into the power grid, this function is important to ensure grid stability. As solar and wind capacity expands, BESS is becoming essential for managing intermittency, reducing curtailment. Less than a decade ago, South Korean companies held over half of the global energy storage system (ESS) market with the rushed promise of helping secure a more sustainable energy future.
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