European gigafactory firm Northvolt has started producing battery energy storage systems (BESS) at its Northvolt Dwa facility in Poland, while also securing a US$1.2 billion convertible note.
While the demand for third-party battery energy storage system (BESS) optimisation services looks set to grow substantially, challenges for companies specialised in offering those services remain.
Germany and US residential battery storage and VPP provider sonnen’s network of batteries in Germany has reached 250MWh, and will hit 1GWh in the next few years, it said.
Iron-air battery firm Form Energy has received a US$12 million grant from the state of New York for a 1GWh long-duration energy storage project, whilst Ecolectro Inc, PolyJoule Inc and Urban Electric Power received smaller amounts.
By the end of 2022, US co-located renewable and energy storage projects totalled 41GW of generating power and 5.4GW/15.2GWh of energy storage, according to Lawrence Berkeley National Laboratory (LBNL) analysis.
Thermal energy storage company Rondo Energy has completed a US$60 million fundraising round from investors including Rio Tinto, Microsoft, Aramco and Energy Impact Partners.
The four most high-profile energy storage system (ESS) companies that listed via SPAC mergers – Eos, Energy Vault, ESS Inc and Stem – have seen their share prices fall by an average of 80% since going public.
Developer Recurrent Energy, an arm of solar PV and ESS manufacturer Canadian Solar, has secured a 20-year agreement with a local utility for a 1,200MWh battery storage project in Arizona.
Since the Inflation Reduction Act, US$270 billion of US clean energy investment has been announced while downstream projects in development have hit 185GW – 80% and 92% higher than four months ago.
