A consortium of developers has achieved financial close for US$1.3bn in debt facilities for the Red Sea project, a huge resort under construction off the coast of Saudi Arabia which plans to have the largest off-grid battery energy storage system at 1,200-1,300MWh.

CellCube has agreed a five-year, three-million litre/year bulk electrolyte supply deal with producer US Vanadium.

Eos Energy Enterprises’ leadership has claimed gross positive margins can be achieved in a year and a half. 

Northvolt has agreed to acquire a site in Sweden where it will develop its planned gigafactory, capable of producing 100GWh of cathode materials.

ron flow battery provider ESS Inc has revealed a US$477 million net loss in 2021, in its first full-year results since becoming a publicly-traded company on the New York Stock Exchange (NYSE). 

Stem Inc has offered full-year 2022 revenue guidance of between US$350 million and US$425 million. 

The award of contracts to 1GW of battery storage was the “biggest news” to emerge from the latest round of Capacity Market auctions held in the UK.

A number of core challenges remain for lenders in the energy storage market, not least the relative nascency of it.

Although huge amounts of capital are being deployed into storage, some investors speaking at the Energy Storage Summit 2022 made it clear that the investment model is still set to evolve hugely. 

Eos Energy Enterprises has said that equipment and machinery will begin arriving next month as the zinc-based battery storage company expands its manufacturing facility near Pittsburgh.