Lawyers from Herbert Smith Freehills discuss the challenges for the nascent European gigafactory ecosystem in light of heavy competition from the US and China, alongside the role that energy storage system (ESS) demand will play.
The amount invested in energy storage soared globally during 2023, while battery manufacturing will require the biggest share of spending among clean energy technologies by 2030 to achieve net zero.
Europe-based sodium-ion battery technology firms Tiamat and Altris have secured a total of €29 million (US$31.5 million) in new funding, from a fundraise round and the Swedish state respectively.
European lithium-ion battery developer and manufacturer Northvolt has secured a US$5 billion (€4.6 billion) non-recourse project financing package from various EU and Nordic institutions for its manufacturing and recycling plants.
More detailed proposed regulations around the US government’s 45X tax credit for domestic clean energy manufacturing have been released, clarifying what battery components and materials qualify.
The UK government has published its ‘Battery Strategy’, setting out measures to facilitate the growth of a domestic battery industry to support the EV and energy storage system (ESS) sectors.
Cost and availability of raw materials is the biggest among a number of challenges that must be addressed if US-made products will be able to meet demand for battery storage in the country.
Gigafactory company Northvolt and sodium-ion battery technology firm Altris have together revealed a battery with an energy density of 160Wh/kg, designed for energy storage systems.
We caught up with Birger Steen, CEO of lithium-ion gigafactory company Freyr Battery, about its recent decision to minimise European investments in light of the Inflation Reduction Act, discussing a potential policy response and its approach to ESS and using conventional technologies.
The US Department of Energy (DOE) has earmarked up to US$3.5 billion of new capital for battery manufacturing, a week after European gigafactory company Freyr announced it would only be scaling in the US for now.
