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ARTICLE · 20 NOVEMBER 2023

Energy Storage In Canada: Recent Developments In A Fast-Growing Industry

McCarthy Tétrault
McCarthy Tétrault
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The energy storage market in Canada is poised for exponential growth. Increasing electricity demand to charge electric vehicles, industrial electrification...

CanadaEnergy and Natural Resources
Canadian Energy Perspectives
Canadian Energy Perspectives
Xin Gao
Xin Gao
Kerri Howard
Kerri Howard
Lynn Parsons
Lynn Parsons
Jacob Stone
Jacob Stone
Dalia Tourki
Dalia Tourki
Author LinkedIn connections

The energy storage market in Canada is poised for exponential growth. Increasing electricity demand to charge electric vehicles, industrial electrification, and the production of hydrogen are just some of the factors that will drive this growth. With the country's target to reach zero-net emissions by 2050, energy storage is a strategic component in the energy transition and a new economic frontier. Accordingly, opportunities for energy storage development and financing are rising, similar to the heightened interest in the solar technologies a decade ago. Such opportunities are motivated by positive regulatory changes and incentive programs.

Overview of the technology

Energy storage technologies harness and store previously generated energy and then release it as electricity. When certain renewable energy sources, such as solar and wind, cannot meet energy demands because of their intermittent nature, energy storage technologies offer a valuable solution. On a

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