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Battery storage project development costs will continue to fall in 2024 as lithium costs decline “significantly,” according to BMI Research.

Europe appears to be slower and less bold than other markets like the US when it comes to financial support for upstream battery material projects like lithium refining, a company looking to invest half a billion euros in an EU project told Energy-Storage.news.

Two years of volatility in the lithium-ion battery storage industry have seen prices tumble and a host of supply-chain complexities come to the fore.

Despite geopolitical unrest, the global energy storage system market doubled in 2023 by gigawatt-hours installed. Dan Shreve of Clean Energy Associates looks at the pricing dynamics helping propel storage to ever greater heights.

As with previous years, our year in review wrap up of 2023 includes interviews with a handful of industry players from around the sector.

After a difficult couple of years which saw the trend of falling lithium battery prices temporarily reverse, a 14% drop in lithium-ion (Li-ion) battery pack cost from 2022-2023 has been recorded by BloombergNEF.

Argentina is set to launch a call for expressions of interest (EOI) for energy storage projects as it looks to reach 20% renewable energy in 2025.

Prices of lithium and the battery supply chain for energy storage systems are becoming manageable once again, but lead times for transformers and other equipment have greatly extended.

The lithium industry needs US$116 billion of investment to achieve the 5.7x ramp-up in production needed for 2030 decarbonisation goals, and prices may remain ‘tight’ in the coming years.