Vanadium flow battery supplier Invinity Energy Systems has signed a memorandum of understanding with the power and industrial systems arm of Korean conglomerate Hyosung Corporation to commercialise its batteries in South Korea and elsewhere.

Powin Energy is the latest international company to target rising opportunities in India.

One of the world’s biggest vanadium redox flow battery energy storage systems has come online on the northern Japanese island of Hokkaido.

Lucky Cement, the largest cement producer in Pakistan, is launching a solar-plus-storage project with 5.589MWh of energy storage, which it claims would be the largest in the country.

The global energy storage market will grow to deploy 58GW/178GWh annually by 2030, according to forecasting by BloombergNEF.

India will not be able to meet its aim of becoming a global leader in battery manufacturing unless it establishes a value chain that embraces recycling.

Global energy storage and electric vehicle (EV) technology group NHOA, formerly Engie EPS, doubled its energy storage revenues in 2021 and says it has a €764m pipeline for the segment.

Four winners have been selected to receive financial incentives from India’s government, to support plans to build 50GWh annual manufacturing capacity of advanced batteries for EVs and ESS. 

Lithium iron phosphate (LFP) will be the dominant battery chemistry over nickel manganese cobalt (NMC) by 2028, in a global market of demand exceeding 3,000GWh by 2030.