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.

Energy storage system and services firm Stem Inc grew revenues to US$93 million in the second quarter of 2023, and reduced its EBITDA loss by 15% to US$8.5 milllion.

State-sponsored investment fund NY Green Bank, will lend US$25 million to NineDot Energy, a developer of energy storage systems in New York.

Leap, a provider of software to aggregate distributed energy resources into VPPs, has raised US$12 million equity investments.

Germany-based battery energy storage system (BESS) integrator Intilion is planning to go public with an IPO in the third quarter of the year.

Stem Inc is on track to meet its target of achieving positive EBITDA during 2023, the company claimed as it posted a 63% year-on-year quarterly revenue increase in its latest financial results.

US energy efficiency and renewables company has entered into “strategic relationship” with Australian flow battery provider.

Connecticut utilities Eversource, and UI and a quasi-state bank have together launched the next 100MW tranche of a programme aimed at incentivising 580MW of customer-sited energy storage projects.

The collapse of Silicon Valley Bank has raised questions around the availability of capital for the clean energy sector, having been a major actor in the space to-date including with Sunrun, Leap, AES, Cypress Creek and other developers.