Eight large-scale BESS projects in Australia have been selected to receive funding support worth AU$176 million.

In the first half of this year, energy storage companies raised almost as much corporate funding as in the whole of 2021.

Newly announced funding support from ARENA is enabling the expansion of a planned large-scale battery project in New South Wales.

Battery storage companies raised US$17 billion in corporate funding in 2021 but have raised US$12.9 billion already this year. 

Construction work has started on a 30MWh pumped hydro storage project in Western Australia.

Utility-scale renewables developer Intersect Power has secured US$2.6 billion in financing for the construction and operations of a portfolio of solar and energy storage projects in California and Texas.

The government of Alberta, Canada, has announced that CA$25 million (US$20.1 million) in financial support has been offered for solar-plus-storage and pumped hydro energy storage as part of a CA$176 million package that will also give funding to oil and gas industry projects. 

Corporate funding into the battery storage sector in the first quarter of this year totalled US$4.7 billion across 17 deals, a huge leap from the equivalent period of last year, according to a new report from Mercom Capital.

The Canadian federal government is financially supporting the development of a large-scale advanced compressed air energy storage (A-CAES) project capable of providing up to 12 hours of energy storage.

Equity investors have already committed more than US$300 million to lithium battery recycler Li-Cycle’s plan to go publicly-listed through a special purpose acquisition company (SPAC) merger.