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.

NHOA Energy has gone from 111MWh of capacity online as of the end of Q3 2022, to a cumulative 535MWh at the end of the same quarter this year.

UK-headquartered developer-investor Zenobē Energy and US recycling specialist Redwood Materials made the biggest VC-funded deals for energy storage companies in the first nine months of 2023.

German lithium-ion based energy storage system maker Sonnen says it achieved an undisclosed “seven-figure sales number” in the US in the first quarter of this year.

Tesla executives were unwilling to publicly put figures on expected sales for the company’s stationary storage products or for near-term cost reduction objectives, but said that production is on track.