Gates, Bezos bet on flow battery technology, a potential rival to big bets on lithium-ion

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H/O ESS containers

The U.S. energy storage market is expected to grow by a factor of 12 in the next five years, from 430MW deployed in 2019 to more than 5GW and a value of more than $5 billion by 2024, says Wood Mackenzie Energy Storage Service.

Tesla and GM are making big bets on lithium-ion batteries for energy storage systems and electric vehicles, but billionaire investors and venture capital firms are investing in competing battery technology, such as flow batteries.

Breakthrough Energy Ventures, the group of private investors led by Bill Gates and fellow billionaires Jeff Bezos, Michael Bloomberg, Richard Branson and Jack Ma, invested in iron-flow battery maker ESS in November.

ESS, which makes long-duration, iron flow batteries, secured $30 million in a Series C investment round from Breakthrough Energy Ventures (BEV), the group of private investors led by Bill Gates and fellow billionaires Jeff Bezos, Michael Bloomberg, Richard Branson and Jack Ma, among others.

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