Object can Possess Energy because of its Motion, Position and Deformation

Energy due to Motion (Kinetic Energy)

Kinetic energy is the energy stored in an object because of its motion. The kinetic energy of an object is given by the formula: 1/2 mass x velocity².
An object of greater mass or higher velocity will have more kinetic energy. Kinetic energy can be transferred from one object to another during collisions.

Energy due to Position (Potential Energy)

Potential energy is the energy stored in an object because of its position relative to other objects. The most common type is gravitational potential energy.
Gravitational potential energy depends on the object’s mass, height, and the strength of gravity. Its formula is mass x gravity x height.
Other forms of potential energy include elastic potential energy (stored in stretched or compressed objects) and chemical potential energy (stored in the chemical bonds of substances).

Energy due to Deformation

Elastic potential energy is the energy stored in an object when it is stretched or compressed – deformed in any way and then allowed to return to its original shape.
The amount of elastic potential energy stored is related to the amount of deformation and the properties of the object: some materials can be stretched more than others.
Important principle: when the deformation is elastic, the stored energy is exactly restored; when the deformation is inelastic, some energy is lost, usually in the form of heat.

Remember, energy can neither be created nor destroyed. It can only change form or move from one place or object to another. This is known as Conservation of Energy.