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Energy storage market potential gaining strength

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Hydrocarbon Engineering,

First Titan Corp. (FTTN) continues to eye opportunities in renewable energy and the energy storage industries, particularly after some major players indicated they would invest in the segments.

Worldwide revenues from energy storage systems are expected to top US$21.5 billion by 2024, according to market estimates. General Electric Co has said it anticipates the energy storage market to increase to US$6 billion by 2020 and that it is revamping its battery storage systems accordingly. Meanwhile, AES Advancion Energy Storage Solutions continues to build energy storage facilities.

FTTN CEO, Sydney Jim, said: “As these news items indicate, the energy storage industry is attracting major investments and the sector will only grow in size in the coming years. We consider energy storage to be a viable future market for FTTN and we are continually evaluating potential projects we can invest in or participate as a partner. We are committed to taking the company in a positive direction that will lead to increased revenues and enhanced shareholder value.”

Edited from press release by

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