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The most valuable technology

Our world is filled with technology.

Smartphones, computers, an Internet of Things, EVs, smart-watches and a whole lot more.

If you had to name what would be the most valuable technology we could develop in the next 10 years, what would be your pick?

Artificial Intelligence has to be right up there, right?

Maybe quantum computers?

Viable fusion reactors?

All those are worthy candidates but I think the most valuable tech we could come up with is a whole lot boring and mundane -- yet hyper-crucial to our future.

I'm talking about efficient, effective, economical energy storage.

Virtually all of the tech I listed above is reliant on an ever-increasing supply of energy, usually in the form of electricity.

We can't have AI without huge data-centres that suck enormous amounts of power from the grid.

The viability of smartphones and EVs is dependent on their ability to be recharged as and when we need.

Computers, be they conventional or quantum, all consume power for every clock cycle or qubit.

Clearly, the common thread here is energy and electrical energy in particular.

Many have pinned our hopes on fusion generation because, as we've been told since the 1970s, it's only decade or two from reality (Cue Tui's ad).

However, we don't actually have a shortage of energy generation and if we need more generation, all we have to do is build more wind or solar generators. The sun shines, the wind blows. Many countries, such as Germany and Australia have actually found that at times, they're actually generating far more energy from these renewables than they can actually use.

So the problem isn't with generating electricity, it's with storing the excess energy generated at certain times in order that it can be used later when demand exceeds available realtime generation.

Energy storage is the missing link and it would almost certainly be the most valuable technology we might develop in coming years.

Imagine if we could store all the energy that pours from solar arrays and wind generators when they're outputting at maximum capability. If that energy could be stockpiled for later use then most countries could almost certainly switch to 100 percent renewable generation.

Think of the benefits from the perspective of our environment and the future of climate change.

Think of the benefits to consumers from a cost-per-unit perspective.

No more need for expensive, complex and potentially dangerous nuclear plants. No more need for expensive, CO2-creating fosil-fueled generators.

The problem is that we simply don't have any tech at the moment which can provide the levels of energy storage truly needed at a price that makes it viable in the long-term.

There are places where huge banks of lithium-ion batteries have been installed to soak up excess power and then feed it back into the grid later on but these have been expensive, have a limited life and create their own environmental impact when the cells used are no longer capable of storing power.

If I had to pick a single technology to work on over the next 10 years, it would be energy storage. The payback for whoever comes up with a system that ticks all the boxes will be enormous and those who were early investors will likely become very rich indeed.

What shape will this tech take?

I have no idea.

It could be something as simple as a vastly improved battery technology. On the other hand it might be a totally new "out of the box" strategy that borrows nothing from existing strategies yet delivers the outcomes demanded of it in an innovative way.

If I'm still alive in 10 year's time, I'll try to remember to revisit this column and we'll see if such a tech has been developed and if so, how much it has changed the face of the planet and the fortunes of those involved.

Carpe Diem folks!

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