Activity in the UK battery energy storage system (BESS) market continues to grow substantially year-on-year despite numerous headwinds, as detailed in this H1 recap from our Market Research colleagues.
System integrator Stem Inc has seen huge falls in quarterly revenue and bookings as it shifts its business model away from BESS hardware solutions towards higher-margin software and service offerings.
Energy storage technology firms Eos and Energy Vault have both released their Q2 results, with contrasting figures but both still having a long way to go to scale up and reach profitability.
The first quarter of 2024 saw declines in US utility-scale energy storage deployments and revenues for US-based or focused system integrators, but the long-term pipeline and outlook remains healthy.
Commissioning has been completed on the first commercial-scale project using Energy Vault’s gravity energy storage technology, while the firm has also secured a 400MWh BESS order for a project in Australia. However, it expects revenues this year to be 70-85% lower than 2023.
Global battery energy storage system (BESS) integrator Fluence saw an 11% revenue drop in revenues in the three months ending 31 March, 2024, while it is also launching a higher energy density product and US module production this year.
Global battery energy storage system (BESS) integrator Fluence saw a record order intake of US$1.1 billion in the first quarter of its 2024 financial year, but slipped back into a net loss, possibly reflecting seasonality.
