Corporate funding of energy storage companies exceeded US$26 billion worldwide in 2022, a 55% jump from 2021’s total US$17 billion.

More corporate funding went into energy storage companies in the first nine months of 2022 than in the entirety of last year.

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

Canadian Solar has seen a “surge in demand for battery storage capacity,” CEO Dr Shawn Qu said, as the vertically-integrated solar PV company reported its latest quarterly financial results. 

The US energy storage industry collectively deployed 476MW / 764MWh in a single three-month period between July to September, with analysis firm Wood Mackenzie Power & Renewables describing the record-breaking performance as a “sign of things to come”.

Smart grid, energy storage and EV charger solutions provider Alfen has made significant quarterly increases in revenues in all three segments according to the Dutch company’s reporting of its latest financial results.

Canadian energy storage technology manufacturer Eguana Technologies has reported greatly increased revenues in its latest quarterly financial results, with the company making recent deals in territories including Japan and Germany.

The business case for behind-the-meter (BTM) battery storage in Australia appears to be positive, according to a University of Queensland report on the performance of a 1.1MW / 2.15MWh Tesla battery energy storage system (BESS).

While the renewable energy industry has suffered significant blows such as loss of employment during the COVID-19 crisis, venture capital (VC) funding into the battery energy storage sector in the first quarter of this year nonetheless saw a significant increase over the previous year’s equivalent period.