Energy has always been the driving force in the technological and economic development of societies. The consumption of a significant amount of energy is required to provide basic living conditions of developed countries (heating, transportation, lighting, etc.). Today's energy supply has a considerable impact on the environment, since it is fuelled by the burning of fossil fuels. In addition to this, the fossil fuel reserves are decreasing while the demand for energy is rapidly rising. Climate change, the depletion and geographical segregation of fossil fuel resources, health related issues as well as energy poverty constitute the driving forces towards the pursuit of alternative energy sources. In addition, countries with no access to oil reserves are being dependent from other countries for their energy supply, with a strong impact on politics and financial issues. But apart from occasional financial recessions, the long-term need for increasing amounts of energy as countries develop will become a major rate limiting step in the growth of the world economy [1]. The last years there is an on-going research on alternative fuels in order to overcome the fossil energy dependence and to provide a sustainable growth of economies and societies.In view of the above, countries that release the largest amounts of greenhouse gases to the atmosphere compared to the energy production are expected to minimise CO 2 emission and at the same time improve the share of ''clean'' energy in total energy consumption. The renewable, non-conventional energy sources, such as solar and wind energy, will remain available for infinite period. But due to the inherent nature of renewable energy resources being intermittent, there is a need to store any surplus electrical energy produced in order to be used during high energy