Earlier in the month, Enlighten’s James McKee, Business Development, attended the Energy Storage Association’s Energy Storage Annual Conference & Expo in Phoenix, Arizona, alongside technology developers, utility providers, and government representatives to discuss the importance of North Americas accelerating energy storage markets.
- The American energy storage industry delivered positive news signaling that there is a significant need for a storage market and interest from investors who are starting to place bets. In the last year alone there has been a remarkable acceleration in utility scale storage installation across the US – from 1GW total in 2020 to 1GW in just Q3 2021.
- Government support for energy storage is visible and growing. The US Investment Tax Credit (ITC) for energy storage is included in the landmark Build Back Better Act and is advancing through the US political machine. The Bill was approved by the House in November, and while there have been some roadblocks and much debate surrounding the Act, we are hopeful that the tax credit will make its way into law. The ITC has the potential to accelerate investment, as previously seen with solar and wind power investments after the approval of tax credits.
- It was also promising to see the electricity industry better understanding the role of energy storage and to acknowledge the flexibility of the storage asset class. We know the participation of the electricity and utility grid providers is key to expanding the storage industry and in spearheading the clean energy future.
Enlighten’s NaSICON technology is well positioned as a player in the market. As global duration requirements increase, our cost-effective, scalable, safe, and sustainable technology is well-placed. It was encouraging to see investor interest growing in the energy storage space and we look forward to further advocating how our solution can support a solution for the need for long duration storage technology.