In Part 1 of this series, we considered the prospects for wind and solar as upstream sources of primary energy supply. Overall, we saw compelling economics driving sustained double-digit growth rates for new renewable power installations, in the US and globally. But to realize their potential, renewables need to be paired with complementary technologies.

In this briefing, we describe how electricity storage and ‘power-to-x’ (P2X) technologies will help fill the intermittency gap of wind and solar generation, and enable the clean electrification of buildings, industry and transportation.

Executive summary

  • The Inflation Reduction Act (IRA) is stimulating a wave of new clean technology investment in the US. The potential has never been greater for technologies that store and transform surplus electricity to disrupt traditional energy value chains.
  • Decarbonization targets, energy security concerns and falling technology costs are fundamental drivers for a rapid expansion of domestic clean energy. But despite favorable economics, a further evolution in the US regulatory landscape will be needed for renewables to expand at their highest potential.
  • While end-use electrification, storage and hydrogen will all see rapid growth, the market share for each in the future energy system is far from settled. In this paper, we explore the role for emerging electricity ‘midstream’ technologies in a cleaner, more efficient energy system.  


Charlie Donovan

Senior Economic Advisor

Charlie Donovan is a Senior Economic Advisor at Impax and Visiting Professor of Sustainable Finance at the Foster School of Business at the University of Washington. Charlie’s role at Impax deepens the firm’s expertise in understanding the opportunities arising from a global energy transition. He contributes to Impax’s thought leadership initiatives and provides insights on North American policy developments to Impax’s clients and investment teams.

Before joining lmpax in 2022, Charlie was previously Professor of Practice at Imperial College London and Founding Executive Director of lmperial’s Centre for Climate Finance and Investment. In his corporate career, Charlie was Head of Structuring and Valuation for Global Power at BP plc and part of the team that launched BP Alternative Energy in 2005 with an $8 billion funding commitment. He began his career as an Energy Policy Analyst at the US Environmental Protection Agency during the Clinton Administration.

Charlie serves as academic co-chair of the Coalition for Climate Resilient Investment (CCRI), an investor body representing $20 trillion of assets under management, and is co-author and editor of Renewable Energy Finance: Powering the Future, now in its second edition. Charlie holds a BA from the University of Washington, an MBA from Vanderbilt University, and gained his doctoral degree from IE Business School.

Recent Insights

The transition will not be televised – Part 2

In the latest instalment of this series, we discuss the prospects for emerging technologies that can store and transform clean electricity

In the latest installment of this series, we discuss the prospects for emerging technologies that can store and transform clean electricity

20 Apr 2023

Julie Gorte, Ph.D.

Senior Vice President for Sustainable Investing

Julie is a leading figure in Impax Asset Management’s sustainable investing work, overseeing the firm’s ESG-related research on prospective and current investments, and the financial implications of integrating sustainability into investment decision-making and engagement. She also tracks and develops insights into the impact of public policy on investment. Julie is also a member of our Gender Analytics team.

Prior to joining the firm, Julie headed up the social investment strategy at Calvert. She has held senior roles at the Congressional Office of Technology Assessment, The Wilderness Society, and the Environmental Protection Agency.

Julie serves on the boards of the Endangered Species Coalition, E4theFuture, Clean Production Action, the Forum for Sustainable and Responsible Investment (US SIF) and is the board chair of the Sustainable Investments Institute. She holds a Ph.D. and a Master’s degree in resource economics from Michigan State University and has a Bachelor’s degree in forest management from Northern Arizona University.

Recent Insights

The transition will not be televised – Part 2

In the latest instalment of this series, we discuss the prospects for emerging technologies that can store and transform clean electricity

In the latest installment of this series, we discuss the prospects for emerging technologies that can store and transform clean electricity

20 Apr 2023
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