Improve Efficiency and Increase the Bottom Line With Lithium-ion Battery Technology
Today’s warehouses need energy solutions that can help boost the bottom line and improve operating efficiency.
Advances in alternative energy technologies and energy policy are now making it an ideal time for warehouse managers to evaluate their energy storage solutions — like lithium-ion batteries — for maximum productivity and sustainability benefits that will set them up for success now and in the future.
With many federal, state and local incentives to encourage operations to adopt alternative energy, many operations are turning to total power solutions for greater efficiency, superior capacity retention, faster charging, increased run-time and more. Also, as alternative energy storage solutions — most notably lithium-ion technology — reach maturity, they offer proven benefits over traditional energy storage methods to boost productivity through longer run-times, faster recharging and little ongoing maintenance, ultimately leading to increased productivity and cost savings.
Now Is the Ideal Time to Invest
Lithium-ion costs have fallen by 98% in the past 30 years, making now the time to get on board. In fact, the global lithium-ion battery market size is estimated to grow from $44.2 billion in 2022 to $135.1 billion by 2031. Additionally, government policy and incentives make it an ideal time to invest in lithium-ion technology. At the federal level, tax credits and other incentives are making the move to lithium-ion battery technology more cost-effective for businesses as they look to meet sustainability objectives and maximize their operating efficiency.
As battery technology has matured over the past decades, the journey toward electrification has become an everyday conversation across industries. From federal, state and local discussions to new infrastructure to material handling facilities looking to update their fleet, this transition is taking place right now.
Lithium-ion technology has been proven to work in large-scale applications, providing users with increased efficiency and improved productivity gains compared with traditional energy solutions. Additionally, as the technology has continued to evolve to offer greater efficiencies, third-party validation and certification have become the norm through organizations like Underwriters Laboratory that help increase credibility as a trusted approach to energy storage.
Finally, lithium-ion battery technology offers businesses complete and unique integration between the lift truck and battery, giving full visibility to operational data elements that include state-of-charge and fault codes to make business-critical decisions in real time. When paired with a telematics solution, fleet managers have access to real-time battery and lift truck data to give them the insights needed to run more efficiently, reliably and profitably. From forklift battery monitoring and maintenance management to vehicle and operator utilization, a more integrated lift truck and energy solution provide timely data across an entire fleet to reduce downtime and unlock further optimization opportunities.
Enhance Productivity in Demanding Applications
Long-lasting and fast-charging, robust and efficient lithium-ion technology can enhance productivity in demanding applications. Consider the many advantages of lithium-ion batteries:
- Increased power capacity — Lithium-ion power provides longer run-times with no decline in performance as the battery discharges. Lithium-ion batteries can maintain cell voltage levels approximately three times greater than other rechargeable chemistries.
- Less equipment maintenance — Unlike lead acid batteries, which require significantly more manual attention to maintain, including the constant monitoring and adjusting of fluid and water levels, lithium-ion batteries have built-in technologies that reduce maintenance needs.
- Longer-lasting battery life — On average, a lithium-ion battery will last two to four times longer than a lead acid battery.
- Additional space — Lithium-ion power eliminates the need to buy or store spare batteries for dramatic cost savings. Lithium-ion batteries provide dense energy storage and increased efficiency. In fact, nearly all the utility-scale battery systems installed in the United States in the past five years use lithium-ion technology.
- Energy efficiency — Charging efficiencies realized from lithium-ion power reduces the power lost during the charging process, hence reducing the carbon footprint created by electricity generation.
- Reduced labor costs — Lithium-ion batteries require minimal maintenance compared with lead acid batteries, which require nearly constant water maintenance. Aside from the need to charge occasionally, a lithium-ion battery can run without constant attention, resulting in peak operational efficiency, maximum worker productivity and reduced labor costs.
- Quicker charging — A rechargeable lithium-ion battery allows your devices to perform at their peak.
Boost the Bottom Line and Improve Operating Efficiency
Today’s warehouses need energy solutions that can help boost the bottom line and improve operating efficiency. With longer run-times and less maintenance downtime than traditional power solutions, lithium-ion technology allows operators to get more out of their existing fleet through opportunity-charging benefits and reduced equipment downtime.
As the move toward more sustainable energy storage solutions continues, working with a trusted partner that can help your company identify the right solutions for unique requirements is critical. From ensuring you have the right amount of power for your application to understanding battery data and turning it into actionable insights, a trusted solutions provider will ensure you have the solutions you need to power your business and help boost your bottom line.
To learn more about Raymond’s total energy solutions offering, click here.
