When it comes to discussions regarding battery storage, it's likely that most people will make the connection to Tesla's Elon Musk and his attempt to develop the Gigafactory -- and rightfully so, for the future of the massive battery production facility is one of the most compelling narratives in the ongoing validation of alternative energy. However, there are much greater applications for battery storage than just automotive, offering investors yet another way to profit in the energy sector.
The AES Corp. (AES 0.17%) is just one company that is pioneering the use of utility-scale battery storage -- a technology that will be in high demand as utilities adopt greater amounts of solar and wind power capacity in their energy portfolios. In the residential market, SunPower (SPWR +0.00%) and SolarCity (SCTY +0.00%) are also looking to offer energy storage solutions to its customers. SunPower's CEO, Tom Werner, recognizes the value in offering energy storage to its customers, "Battery storage and energy management services are highly complementary to residential solar systems.Together, they help further reduce the monthly cost of energy, maximize value and energy security, and provide a hedge against rising utility costs."
