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.

The new investment tax credit (ITC) for standalone energy storage means some US developers are opting to overbuild systems instead of augmenting them further down the line.

Texas continues to be a hotbed for energy storage activity, as CATL announces major supply deal and first project to get ITC comes online.

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).

The Inflation Reduction Act’s incentives for energy storage projects in the US came into effect on 1 January 2023.

Fluence said the company is on track to grow revenues by almost a third on “multi-year” basis, leading to breakeven EBITDA in 2024.

We speak to Powin Energy’s Danny Lu in the latest of our interview series with industry leaders at RE+ 2022 clean energy trade show.

Energy storage industry figures were among attendees at a White House celebration event for the Inflation Reduction Act.

The signing of the Inflation Reduction Act by US president Joe Biden has been considered a major step forward for clean energy.

Tax incentives for energy storage included in the US’ Inflation Reduction Act could mean fewer solar-plus-storage hybrid plants are built.