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In the world of renewable energy storage, batteries are often overshadowed by flashy electric cars. However, these batteries are becoming increasingly important to countries’ net zero ambitions. While solar and wind energy reduce reliance on carbon-emitting fuels, their availability is dependent on weather conditions. To address this issue and support the renewables sector, governments are recognizing the need to invest in battery storage projects.
In the United States, the Inflation Reduction Act provides a tax credit for battery storage that is part of a renewable energy investment. The Biden administration has also announced a plan to cut the cost of battery systems that can store energy for more than 10 hours. Businesses in the US have committed to over $122 billion in clean energy projects, including battery storage. Despite these efforts, the US still imports 90% of its battery volumes from China.
Europe faces a similar situation, importing 80% of its annual battery demand from China. To reduce this reliance, the EU has pledged $7 billion in subsidies to stimulate production within the bloc. Other countries, such as South Korea and Japan, are also ramping up incentives for battery storage to reduce supply risk.
Tesla, a leading electric car maker, has been expanding its battery storage operations. They have launched the “Megapack” battery product designed for utility-scale energy projects. Other companies, such as Fluence Energy, are also benefiting from incentives like the Inflation Reduction Act. Enphase Energy and SolarEdge Technologies specialize in microinverters and are key players in the solar energy storage market.
Investors are showing interest in battery companies like Fluence Energy, which has seen a 39% increase in share price over the past year. The storage sector is expected to be attractive for investors in the coming months, especially with the growing demand for rooftop solar and battery storage.
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