Microvast is receiving more purchase orders from the US energy storage market than it can produce, the battery cell, pack and energy storage system manufacturer has said.
The US saw roughly triple the amount of grid-scale battery storage installed in the second quarter of this year as it did in the preceding quarter, in megawatt terms.
The lithium industry needs US$116 billion of investment to achieve the 5.7x ramp-up in production needed for 2030 decarbonisation goals, and prices may remain ‘tight’ in the coming years.
A large offshore wind project proposal in New Jersey, US, by Leading Light Wind includes an option to include a 253MW battery energy storage system (BESS).
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.
