Public Energy Storage
The public energy storage market has seen a number of startups emerge over the past few years. While some companies are wildly successful, others are struggling to survive. In this article, we’ll take a closer look at a few of these companies to see how they stack up against each other. In particular, we’ll look at a few that have been growing in recent years.
For example, Canadian Solar Inc., a publicly traded company, recently announced that it was awarded a project in Chile. The company will deploy a solar power plant with battery energy storage. The project will generate more than a billion kWh of electricity. It will produce and store enough electricity to power an entire city.
The New York state government has taken an interest in energy storage company and has passed laws to support the industry. The state of New York has set a goal of achieving 1,500 megawatts of energy storage by 2025. It has also committed to invest $200 million in energy storage technologies. Furthermore, California’s three largest electric cooperatives have mandated that their combined storage capacity is at least 1,325 MW by 2024, and another 500 MW was added in 2016. Massachusetts recently passed H.4857, setting a goal of generating 1,000 megawatt-hours of energy storage by 2025.
Public Energy Storage Companies
Fluence Energy has a strong track record as a commercial and industrial energy storage provider. It has also been instrumental in the development of lithium battery technology. Its IPO in November generated proceeds of almost $1 billion and completed the largest energy portfolio transaction in Europe. In addition, it recently announced the delivery of its first energy storage system to Taiwan. Fluence also hopes that its IPO will provide it with the capital it needs to overcome the supply chain uncertainty that has plagued the industry. It plans to establish mass manufacturing facilities around the world and assemble systems near major markets. This will require it to establish a localised organisational structure.
FLNC expects to generate total revenue of between $1.1 billion and $1.3 billion in fiscal 2022. While this guidance may seem modest, Evercore said investors should look past its near-term supply chain headwinds and project delays to see its future growth. After all, it is experiencing strong global demand.
Energy storage stocks are also primed for growth in the coming years. Despite the challenges of the energy storage market, lithium-ion batteries will continue to dominate the industry and will be widely used in utility scale deployments. However, energy storage companies are in a constant arms race to innovate and diversify their supply chains, develop data-intensive products, and integrate vertically into the power grid. This will allow them to profit from the emerging power economy.
Energy storage can help Pennsylvanians by integrating renewable energy into the electrical grid and reducing costs for ratepayers. To that end, the Energy Programs Office has commissioned a study to explore how energy storage will function in the state’s power system. The study, to be released in April 2021, will survey the current landscape of energy storage in Pennsylvania, identify its benefits, and make recommendations for enhancing the market.
