With the increase in the use of renewable energy sources, the need for effective storage becomes greater. The UK Department of Energy and Climate Change recently awarded over £7 million to eight different firms to be spent on the creation of so-called smart technologies, including storage solutions.
Pump storage systems, like the one installed at Dinorwig power station in Wales, is one option which is already used when there is significant demand on the national grid. The pump storage system allows the generators at the plant to reach their maximum capacity in less than 16 seconds.  However, as the system works by transferring the water between two lakes situated at different elevations, the usage of pump storage is hugely dependent on an area’s geography. Hydrogen represents another opportunity. The  US Advanced Research Projects Agency (ARPA) has recently provided even more funding, with $106 million (£68 million) going to 37 different projects, including some companies which are developing new types of batteries and  hybrid storage systems consisting of battery and a fuel cells. The last JTI call included funding for  storage and the renewable energy chapter of the next FP7 offers funding opportunites as well.