A Multi-Function Shared Hybrid Battery Energy Storage System for Commercial Applications: Energy Arbitrage, University Building and Electrical Vehicle Charging Station

• Proposed a multi-functional shared hybrid battery energy storage system to address both economic and technical challenges. • The system is implemented for three commercial applications: energy arbitrage, a university building, and an electric vehicle charging station, and can be adapted for additional uses. • In comparison to battery storage for single application, the proposed shared base approach enhances the economic feasibility of battery storage without compromising grid reliability. Battery energy storage systems play a crucial role in implementing demand-side management strategies for commercial applications. Commercial applications require batteries that meet both high energy and power demands. A single type of battery is often inefficient at satisfying both, so we propose a hybrid battery energy storage system that combines power-dense and energy-dense batteries. However, the economic feasibility of hybrid energy storage systems continues to be a major obstacle to their widespread adoption. To enhance economic viability, this paper introduces a multi-function shared hybrid energy storage system designed for various commercial applications. The system was evaluated across two Norwegian commercial sites using three different individual applications: energy arbitrage, electricity bill reduction in university buildings, and profit maximization in electric vehicle charging stations. Three years of historical data measured from smart meters were used to simulate and compare the performance of the hybrid energy storage system in both individual and shared applications. The proposed system effectively reduced overall monthly peak demand, nearly matching the performance of individual applications. Results indicate that for one site, sharing the hybrid energy storage system among three applications increased profit by 27.81% compared to using it only for the highest profitable individual application (i.e., university buildings). For the other site, the profit increase was 21.24%. In addition, the shared system improved grid performance, reducing the grid peak-to-average power ratio by 4.43%, the standard deviation of grid power by 0.67%, and the smoothness of grid power by 10.52% compared to scenarios without any storage system.