A coalition of lobby groups from the breadth of the US clean energy industry is pressing Congress to make standalone energy storage projects eligible for investment tax credits.
The credits, awarded at a rate of 30%, lit the fuse for US wind and solar power projects and this push for government support comes as advanced energy storage technologies are starting to go mainstream. Battery costs have plunged, thanks to electric-vehicle demand, making them viable as standalone entities or alongside solar and wind farms that otherwise are unable to provide electricity around the clock.
The U.S. will add 500 megawatts of battery storage in 2018 if all expected projects come online, doubling last year’s installations (Bloomberg NEF) and all eyes are on 2019 to see how the market develops.
Hyperion are supporting a number of energy storage startups in the USA who are developing and constructing utility scale projects, including Key Capture Energy. CEO Jeff Bishop had this to say:
'Hyperion have helped us construct an energy storage team in a rapidly changing and nebulous North American industry. They have gone far outside of the renewable industry network, bringing in front of us amazing (screened) candidates that force us into really difficult employment choices. They get the culture we are working on creating, and understand the issues we are facing. They've been great to work with.
If you'd like to learn more about how we support clean technology businesses achieve their growth objectives, please get in touch.
Energy storage systems are critical to modernization of the electric grid. The National Governors Association has underscored the multiple benefits of energy storage to save utilities, businesses, and households money while enhancing grid reliability and resilience. Energy storage systems are also fuel-neutral and help any generation resource connected to the grid – coal, gas, nuclear, wind, solar, hydro – become more efficient, productive, and competitive. The energy storage industry supports over 90,000 jobs today and has significant room to grow.