- Whilst the European Union has been hugely successful in growing its renewable energy generation capacity, the bloc’s energy storage infrastructure has yet to catch up
- Turbo Energy’s innovative product offering has sought to address this concern for households, providing consumers with an all-in-one AI-powered energy storage solution
- AI is playing an increasingly transformative role within advanced energy storage technologies, helping consumers optimize their energy usage and maximize savings
During the depths of the European winter in 2022, renewable energy sources generated more of the EU’s energy than fossil fuels for the first time ever. Coal power usage fell by 11 percent and gas by 13 percent despite initial fears that regional countries would have to resort to extensive coal usage as the bloc tried to wean itself off its historical dependence on Russian gas. Nonetheless and remarkably – among the 18 European countries that still utilize coal power as a source of energy, 15 reduced their coal generation in 2022.
A key factor underpinning this trend has been the increased prominence of renewable energy sources – and crucially, renewable energy storage technologies. Renewable energy sources account for close to 40 percent of the European Union’s energy generation capacity; in 2022 alone, 41GW of solar power generation capacity was added to the European grid, the equivalent of fully powering 2.7mn households for a year (https://ibn.fm/taBfl). Nevertheless, energy storage technologies and capacity have lagged far behind generation capacity in terms of uptake. Increasingly relevant to supplement electricity supply at times of peak usage (or absorb generation capacity when electricity demand declines) and shield against the vagaries of weather condition, energy storage capacity in the EU at present is a mere 60GW – with studies suggesting that storage capacity will need to increase to up to 191GW in 2030 and 486 GW in 2050 to make efficient use of renewable energy sources (https://ibn.fm/DXWeY).
Turbo Energy (NASDAQ: TURB), a designer, developer and manufacturer of photovoltaic energy generation, management, and storage equipment has sought to address this issue within the rapidly growing residential solar market in Europe. The company’s ‘SunBox Home’ system encompasses an all-in-one AI-powered energy storage solution, designed to assist households in managing their power consumption. Directly linked to a household’s solar panel generation unit, the SunBox system allows users to choose between settings including ‘maximum consumption’ or ‘maximum savings’, conserve a portion of its energy reserves in the event of unexpected electricity blackouts or rather, sell excess power back onto the grid. The groundbreaking energy storage system additionally boasts the capacity to track weather forecasts, thus ensuring its batteries are fully charged in the event of a storm (https://ibn.fm/6k8Gs).
Artificial intelligence, as harnessed by Turbo Energy’s innovative energy storage systems, is playing an increasingly transformative role in advancing energy storage technologies, optimizing battery performance, and improving the overall effectiveness of these technologies (https://ibn.fm/tiHpx).
Whether it relates to the optimization of charging and discharging cycles to maximize energy storage system performance; making use of predictive maintenance models to anticipate potential defects leading to performance degradation; predict energy consumption patterns by analyzing historical data; or helping maintain grid stability through frequency regulation and voltage control, AI has the potential to play an increasingly important role in driving Europe’s ongoing transition towards renewable energy technologies. As both, a leading European purveyor of household solar energy systems as well an early mover in the inclusion of generative AI technologies within its revolutionary renewable energy storage solutions, Turbo Energy are well placed to play an increasingly prominent role in fueling Europe’s renewable energy evolution going forward.
For more information, visit the company’s website at www.Turbo-e.com.
NOTE TO INVESTORS: The latest news and updates relating to TURB are available in the company’s newsroom at https://ibn.fm/TURB
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