Hong Kong tycoon wants to use space battery tech on Earth [Video]

Peter Lee, the Hong Kong-based tycoon, wants to use battery technology used in space back on Earth. To facilitate this, the business tycoon’s family office founded a new startup, EnerVenue, and has plans to scale up the technology at its factories in China and the US, South China Morning Post reported.

Countries have been ramping up investments in renewable energy infrastructure to reduce dependence on fossil fuels. According to the International Energy Agency, investments in energy storage are now at over US$35 billion, up from $20 billion just two years ago.

With this shift comes a pressing need for energy storage solutions capable of storing excess energy during periods of low demand and supply when high.  

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