The decline in the price of lithium batteries will promote the development of household energy storage

Dr. Lei Wang graduated from the Department of Mechanical Engineering of the University of Hong Kong with a focus on new battery technologies and fuel cells. Before the founding of EcoFlow, the energy storage technology company in 2017, he was the head of Dali's innovative battery research and development department, and increased the battery life of the new DJI drone from more than 20 minutes to more than 30 minutes. "Don't underestimate the improvement of the 10 minutes. It involves various improvements in battery materials and system integration technologies."

Founded EcoFlow, Wang Lei continued his career in battery research. "Now, new energy vehicles are gradually replacing traditional fuel vehicles. In essence, this is the lithium battery technology that has been in existence for more than 30 years and is gradually replacing the internal combustion engine technology with more than 200 years of history." Lei Wang is increasingly optimistic about lithium batteries as a chemical development of energy storage carriers.

"'Twelfth Five-Year', with the rapid growth of China's new energy vehicle market, the market demand and output of lithium batteries continue to grow." Wang Lei said. “At the same time, with the continuous improvement of raw material maturity, technological innovation and production technology, lithium batteries have been continuously improved in terms of energy density and safety, and unit production costs and sales prices have continued to decrease.”

According to a set of data released by the Ningde era, the average selling price of the power battery system produced by the company has dropped rapidly from 2.89 Yuan / watt hour in 2014 to 1.52 Yuan / watt hour in the first half of 2017. Wang Lei believes that this marks a new turning point in the development of the lithium battery industry. The application of battery technology in the mobile energy industry has also entered the eve of explosive growth. "Global distributed power generation is developing rapidly. The price of lithium battery products is declining in a direction that every household can afford. It will promote household energy storage into the daily form of household electricity consumption around the world." Lei Wang said that EcoFlow will follow the trend. In addition, through the research and development of energy storage technology and product innovation, combined with clean power generation technologies such as solar energy, lithium battery technology is gradually replaced by gasoline and diesel generators used in large scale in homes and outdoor places.

Regarding the use of household energy storage, Wang Lei cited the example of electricity used in the car. “For example, the breakthrough and application of autonomous driving technology will obviously change the state of human driving and riding a car. The car will also break through the main use of the means of transportation and become a family gathering and office. In the new scene, we introduce portable and efficient, similar 'Charging treasure' of 'Charging Po" will break through the time and space constraints of power use and will be of great use."

Cut into the household energy storage market, Wang Lei and his friends choose to start from the high-end foreign markets and build brand energy storage products first. At present, diesel generators are more common in household energy storage products abroad, but diesel generators generate a lot of carbon monoxide and noise pollution during operation, and the experience is very poor. In response to this situation, EcoFlow launched the first "storage treasure" last year - portable clean energy storage product RIVER, which was released on the day of global over-subscription and over one million dollars of crowd funding, redefining the consumer energy storage market.

In recent years, many experiences in Africa, South Asia and Southeast Asia have enabled Wang Lei to research and develop energy storage technology with new will and motivation. "There are still more than 1.4 billion people in the world who are unable to use electricity. With the implementation and deepening of the 'One Belt, One Road' initiative, bringing quality and practical energy storage products to underdeveloped areas will bring huge life to local residents improvement.” Wang Lei said that he hopes to bring a better life to them with new technology products.

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