The US Department of Energy (DOE) has earmarked up to US$3.5 billion of new capital for battery manufacturing, a week after European gigafactory company Freyr announced it would only be scaling in the US for now.
The US’ cumulative battery storage installations reached 14.689GW at the end of Q3 2023, with Texas’ ERCOT market contributing 40% of new additions during the quarter.
Volvo Group has acquired the US battery pack company Proterra out of bankruptcy, while its power solutions arm Volvo Penta is providing its BESS sub-system for EV charging infrastructure solutions.
Renewable energy developer and operator Arevon has completed the financing for a 600MWh solar and storage project in California, US, including US$191 million of investment tax credits (ITC) provided using new transferability provisions.
China-based lithium-ion battery manufacturer Hithium has agreed to supply 1GWh of products to US energy storage project developer Perfect Power through a memorandum of understanding (MOU).
Aypa Power has secured a portfolio debt and tax equity financing package totalling US$550 million for two battery energy storage system (BESS) projects in California and Texas.
The amount of large-scale battery energy storage systems completed in the US as of Q3 2023 already exceeds the whole of 2022, American Clean Power said.
Amendments to rules for battery storage state-of-charge (SOC) in the ERCOT, Texas, market are ‘an improvement’ to the current ones but will still impact the ability of batteries to provide ancillary services, Gridmatic has said.
