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.
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.