A tax credit transaction worth US$60 million using new transferability mechanisms from the Inflation Reduction Act has closed, for a BESS project deployed by Energy Vault for W Power and Wellhead Electric.
California-based Element Energy has raised US$111 million of equity and debt for its proprietary battery management system (BMS) for first and second life battery storage.
Second life energy storage firm B2U has put its second major project into commercial operation, a 3MW/12MWh system made up of Honda Clarity EV batteries.
Developer esVolta has secured tax equity financing for a 30MW/60MWh BESS in California while Atlantica Sustainable Infrastructure has signed PPAs for two projects with one of the state’s utilities.
Renewable energy developer and operator Arevon has completed the financing for a 600MWh solar and storage project in California, US, including US$191 million of investment tax credits (ITC) provided using new transferability provisions.
Aypa Power has secured a portfolio debt and tax equity financing package totalling US$550 million for two battery energy storage system (BESS) projects in California and Texas.
Inlyte Energy has completed a seed funding round to develop its iron and salt-based battery technology, which it claims has high efficiency, long lifetime, ‘competitive’ energy density, excellent safety and an ultra-low cost.
California now has 6.6GW of battery energy storage systems (BESS) online, while Gore Street has secured US$60 million in financing for its 400MWh project in the state.
