Energy storage developer Eolian has completed an investment in two standalone battery energy storage projects in Texas, which it claims is the first use of the Inflation Reduction Act’s new tax credit incentives (ITC).

Hecate Grid, an independent power producer (IPP) developing utility-scale battery storage assets, has raised US$98.9 million through lenders.

Investment firms Castlelake and Gore Street Capital have acquired respective battery storage projects in the ERCOT, Texas market totalling nearly 600MW of storage capacity.

Texas’ ERCOT grid is facing some extreme swings in its ability to match supply with growing demand for electricity in the US state.

A 400MW early-stage battery storage project in ERCOT, Texas, has been acquired by a joint venture (JV) controlled by Italian firms Redelfi and Altea Green Power, for up to US$8.5 million.

Despite macroeconomic challenges, Gore Street’s asset value surged 45% over six months as ancillary service revenues stayed strong.

The US industry deployed more than 5GWh of energy storage in the third quarter of 2022, close to half the entire amount of storage installed in the country in 2021.

Battery storage developer Spearmint Energy has started building a 150MW/300MWh unit in the ERCOT, Texas market, its first project.

Another serving of news in brief from around the world in energy storage.

Spain-based renewable energy firm Acciona Energia has acquired a two-hour energy storage system in ERCOT, Texas, from Qcells.