A Swiss fund aimed at encouraging institutional investors to get on board with energy storage has reached its first closing at €66 million (US$70.4 million).

US-Canadian energy storage project developer Convergent Energy and Power has secured third-party project financing for 12MW of energy storage projects in Canada that will provide grid services.

The number of installed stationary battery energy storage systems (BESS) is growing significantly. According to recent estimates, today’s annual global market volume of about US$1 billion is expected to increase more than twentyfold in less than 10 years, reaching a staggering US$20–25billion by 2024. Florian Mayr of Apricum Consulting looks at this growth in the context of specific use cases for storage in two of its most advanced regional markets, the US and Germany.