Northvolt has now raised in excess of US$3.5 billion of financing towards its aim of establishing 150GWh of advanced battery manufacturing facilities in Europe by 2030.

Portugal’s second solar auction has closed with record-breaking low prices of €11.14/MWh (US$13.12), or US$0.0131/kWh, the country’s government announced yesterday.

The market for grid-connected energy storage will defy the “headwinds” caused by the coronavirus pandemic on industries across the world, analysis firm IHS Markit has predicted.

It is likely Spain will introduce “important regulatory changes in the coming years” to enable the European country to meet a national target of deploying 2.5GW of energy storage by 2030, analysts at consultancy firm Clean Horizon have said.

Stationary energy storage in support of electric vehicles (EVs) charging could reach a global installed capacity of 1,900MW by the end of 2029 according to a new Guidehouse Insights report.

Germany company Voltstorage, claiming to be the only developer and maker of home solar energy storage systems using vanadium flow batteries, raised €6 million (US$7.1 million) in July.

Lithium battery cells will be rolling off a production line at a 16GWh-capacity factory in France in 2023, with manufacturing startup Verkor then planning to scale up to 50GWh “in line with market dynamics”.

Northvolt has now raised over US$3 billion to support its plans to become a major player in the European battery manufacturing space, including US$1.6 billion in debt financing which it announced today.

US equipment manufacturer and engineering solutions company Honeywell has signed a contract to supply what is thought to be the Ukraine’s first large-scale battery energy storage system.

UPDATED 14 July 2020: The European Union has agreed that energy storage will be vital in its clean energy economy of the future as Members of European Parliament (MEPs) voted overwhelmingly to adopt a strategy report putting energy storage and hydrogen at the heart of its agenda.