The global energy storage market will grow to a cumulative 942GW/2,857GWh capacity by 2040, attracting US$620 billion in investment, caused by sharply decreasing battery costs, according to a Bloomberg NEF (BNEF) report.
Transmission system operators in the US have begun making their moves to accommodate energy storage into their wholesale markets, with New England ISO and Southwest Power Pool both making filings in the past month.
Sembcorp will collaborate with Singapore’s Energy Market Authority (EMA) as part of a pilot programme to support the deployment of energy storage in the country.
South Korea’s government is planning for 100MW of battery storage as part of a nearly 3GW hub of solar PV and wind on reclaimed land in Saemangeum, which is an estuarine tidal flat on the coast of the Yellow Sea.
An extra AU$100 million (US$70.76 million) of funding could be put into a rebate scheme for households buying energy storage systems in South Australia, after a peer-to-peer lending group stepped in.
Two community energy groups in California have partnered to buy the energy output of a 150MW solar farm with 180MWh of battery energy storage from Recurrent Energy, the US-based utility-scale solar project developer subsidiary of Canadian Solar.
Arlington Energy, a clean energy investment group, has announced plans to build out a 1GW portfolio of energy storage and gas peaker projects across the UK after securing initial funding of £200 million (US$255 million) from an offshore fund of institutional investment.
‘Europe’s largest’ energy storage pilot project at an industrial site, combining 2MWp of rooftop solar with a total of 4.2MWh of energy storage across a lithium-ion battery system and two flow batteries has been inaugurated in Belgium.
Quoting an expected doubling in installed PV capacity over the next five years, a partnership between Chinese battery storage system maker BYD and European PV inverter company SMA is targeting the USA market, identifying it – along with Africa – as having “high growth potential” for the pair’s products.
The UK’s second subsidy-free solar farm, and the first by a local authority using battery storage, has been completed by West Sussex County Council in a project that ticked “every box” and will generate significant income over the next 25 years.
