Tax incentives for energy storage included in the US’ Inflation Reduction Act could mean fewer solar-plus-storage hybrid plants are built.

In the first half of this year, energy storage companies raised almost as much corporate funding as in the whole of 2021.

Study conducted by the Massachusetts Institute of Technology Energy Initiative has found energy storage can be a key enabler for the clean energy transition.  

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

Energy storage system integrators are diversifying their procurement strategies to ease supply chain constraints.

Guidehouse Insights says that the annual power capacity deployments of battery-based residential energy storage systems (RESS) are expected to grow at a CAGR of 21.3% from 2021 to 2030 globally.

Cross-party backing for a new fossil fuel power plant in Australia has been criticised by experts and clean energy industry voices, who have said battery storage would be a more viable option to provide peaking capacity. 

Deals to establish manufacturing and supply of energy storage system (ESS) solutions and components closer to where demand is in the North American market have been signed by Powin Energy and KORE Power.

The installed cost of solar PV, solar-plus-storage and standalone battery energy storage in the US was reduced across all market segments between 2020 and 2021, with the biggest drop seen in the utility-scale segment. 

A six-year lithium off-take contract signed by LG Energy Solution and supplier Sigma Lithium “signals the importance of securing lithium supply and the importance of ESG,” an industry supply chain expert has said.