While the renewable energy industry has suffered significant blows such as loss of employment during the COVID-19 crisis, venture capital (VC) funding into the battery energy storage sector in the first quarter of this year nonetheless saw a significant increase over the previous year’s equivalent period.
In the past couple of weeks, national and state government organisations in Australia have announced various stages of development for solar projects with a range of advanced and innovative storage solutions attached.
Europe approves US$3.5bn for R&D in major push to create sustainable battery manufacturing ecosystem
European Commission greenlights €3.2bn research plan by seven major states to turn continent into global battery hub even as it signals it is ready to block imports on environmental grounds.
UK battery storage firm Zenobe has secured £25 million (US$32.93 million) in funding from Santander as it looks to continue its growth.
The UK pledges US$250 million for global energy storage as France and the Netherlands announce US$100 million for solar initiatives.
A £55 million (US$67.8 million) fund has been earmarked for five projects in the UK looking at developing the next generation of battery storage technology.
BBOXX has successfully closed a US$50 million Series D funding round that will see the next generation utility company accelerate its global expansion efforts.
Northvolt, the consortium looking to establish gigawatt-scale lithium battery manufacturing in Europe and Sila Nanotechnologies, a battery technology startup, were the recipients of the highest sums of venture capital (VC) funding in the first half of 2019 in the battery storage sector.
World Bank Group has set up a “global international partnership” to support the deployment of energy storage in developing countries, just a few months after committing a US$1 billion sum to the sector.
'Own and operate' model creates option of a ‘one-stop’ solution for customers in exchange for a pence per-mile service fee or fixed monthly charge.
Energy storage firm redT has landed more than £3 million (US$3.92 million) from an open share offer, effectively securing its immediate future.
The capabilities of virtual power plants (VPPs) to provide capacity as well as frequency regulation services to the grid in Australia will be demonstrated through a new integration trial.
The development of systems capable of storing over six hours of energy economically is being supported in New York with an Innovation Challenge launched by the New York Power Authority (NYPA) and Urban Future Lab, a cleantech innovation centre.
In today’s third and final instalment of our series to welcome in 2019, we look at what our respondents are expecting to see this year, what they would like to see happen and some of the ways they will be trying to fulfil those expectations.
In order to address intermittency in its grid, the South Australian Government has introduced a AU$50 million (US$36 million) Grid Scale Storage Fund (GSSF) to help accelerate the deployment of new large energy storage projects, including pumped hydro, hydrogen, gas storage, solar thermal, bioenergy and battery storage.
A 30MW / 30MWh battery energy storage system has been inaugurated with a ceremony in Victoria, Australia, with one project partner describing the switching-on as “a real watershed moment in the continuing modernisation” of the state’s energy supply.
Investment management firm Gresham House is to float an energy storage fund on the London Stock Exchange next month, with an aim to raise £200 million to fund 262MW of energy storage projects over the next year.
Just over US$28 million has been awarded by the US Department of Energy to projects that could deliver energy storage durations of up to 100 hours, while also committing US$120m to the Joint Center for Energy Storage Research (JCESR).
Subsidies will be available to residents of South Australia who want to purchase home battery systems from next month, while Sonnen looks set to open up a manufacturing and shipping centre in the state.
VC funding for battery energy storage companies in the first half of this year has already exceeded 2016’s total and looks on the way to bettering 2017, with US$539 million raised across 29 deals.
Shell, which has just participated in an investment round for sonnen, is one of the big players in the incumbent energy industry that “really acts” on clean energy, rather than just talking about it, sonnen’s CEO has said.
The US government Department of Energy is funding research into storing energy for periods of between 10 and 100 hours, announcing last week that “up to US$30 million” will be available through the Advanced Research Projects Agency-Energy (ARPA-E).
1414 Degrees, an Australian startup manufacturing thermal energy storage systems using a proprietary silicon storage medium is preparing to launch an Initial Public Offering (IPO) and build a 200MWh ‘module’ at a renewable energy facility.
Flow battery manufacturer VIZn Energy has confirmed that nearly all its employees have been “furloughed” amid financial difficulties, but denied that the company has exited the business altogether.
VC funding for energy storage projects increased significantly, while debt and public market financing remained “steady” during 2017, Mercom Capital has found.
Stem Inc, self-described as a supplier of “artificial intelligence-powered” energy storage, which deployed a system on average every two days last year, has closed a US$80 million Series D financing round.
The Australian Capital Territory, the country’s federal district and home of national capital Canberra, is supporting the planned roll-out of 36MW of customer-sited batteries by funding a further AU$3 million (US$2.39 million) in rebates.
Energy storage provider Connected Energy has secured £3 million (US$4.13 million) of investment from Macquarie Group and ENGIE to fuel its growth plans in the UK and abroad.
ESS Inc, among several companies looking to commercialise a flow battery energy storage technology, has netted US$13 million in a Series B funding round from investors that include global chemical company BASF.
Massachusetts, one of the few US states thus far to put consideration of energy storage into long-term planning decisions for electric utilities, will support 26 projects with US$20 million in grants.