Lithium-ion battery and energy storage system (ESS) manufacturer Microvast has announced plans to set up an ESS manufacturing plant in Colorado, US, which will be operational this year.

Cost disclosure requirements needed in order to qualify for IRA’s investment tax credit (ITC) domestic content adder could prove problematic for ESS providers, sources told Energy-Storage.news.

Global battery storage system integrator Powin has selected manufacturing firm Jabil Inc to produce its Stack750E utility-scale energy storage product in the US.

BESS projects in the US need to be 40% US-made to qualify for the ITC domestic content adder, rising to 55% from 2027 onwards, the IRS has said.

There is a long way to go before the new standalone storage investment tax credit (ITC) starts to really make a dent in the market, speakers and delegates at the Energy Storage Summit USA last month said.

Technology innovator Microvast recently launched its new Energy Division with the release of an industry-leading battery energy storage system.

Sumitomo Electric will step up its VRFB business in the US, with plans to invest in local production and installation capabilities.

Microvast, a Texas-headquartered company manufacturing battery cells and storage systems, has won 1.2GWh battery storage deal.

Inflation Reduction Act legislation is an unexpected “huge shot in the arm” for that could double the addressable domestic market.

Pilot production has been established by an Australian company making lithium-ion battery storage solutions designed for hot climates.