Market & Policy

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US Energy Storage Grows at Record Pace with 8.7 GW, Nearly Doubling in 2023

The U.S. energy storage market saw breakneck growth in 2023, shattering previous installation records across multiple segments, as the country added 8.7 GW of new energy...

March 22, 2024

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Staff

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Energy Storage

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Market & Policy
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Ministry Issues Viability Gap Funding Guidelines for Battery Storage

The Ministry of Power (MoP) has issued the operational guidelines for the ₹94 billion (~$1.1 billion) program to provide viability gap funding (VGF) of up to 40% to...

March 20, 2024

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Staff

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Energy Storage

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Market & Policy
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Stem Reports First-Ever Positive Quarterly EBITDA in Q4 as Sales Surge

Smart energy storage company Stem’s fourth quarter (Q4) net loss widened by 6.8% to $37.7 million from the net loss of 35.3 million in Q4 2022. The lower gross profit...

February 29, 2024

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Satish Shetty

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Energy Storage

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Market & Policy
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SECI Commissions 120 MWh Battery Energy Storage System in Chhattisgarh

The Solar Energy Corporation of India (SECI) has commissioned a 40 MW/120 MWh Battery Energy Storage System (BESS) project associated with a 100 MW solar power project...

February 26, 2024

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Satish Shetty

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Energy Storage

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Market & Policy
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Gujarat Adopts Tariff of ₹3.11/kWh for Procuring 500 MW of Wind Power

The Gujarat Electricity Regulatory Commission (GERC) has adopted the tariff of ₹3.11/kWh (~$0.037) for Gujarat Urja Vikas Nigam Limited (GUVNL) to procure power from 500...

February 7, 2024

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Staff

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Market & Policy

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Wind
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Sales Volume Growth Drives Amara Raja’s Q3 Profits Up 15%

Amara Raja Energy & Mobility recorded a net profit of ₹2.55 billion (~$30.7 million) during the third quarter (Q3) of the financial year (FY) 2024, a year-over-year...

February 1, 2024

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Gautamee Hazarika

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Energy Storage

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Market & Policy
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Tesla’s Net Income in 2023 Drops 23%, Energy Storage Deployments Surge 125%

U.S.-based electric vehicle (EV) maker Tesla reported a net income of $2.4 billion in the fourth quarter (Q4) of the financial year (FY) 2023, a 39% year-over-year (YoY)...

January 25, 2024

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Gautamee Hazarika

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Electric Vehicles

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Energy Storage

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Market & Policy
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Battery Recycling Firm BatX Secures $5 Million to Fund Expansion Plans

BatX Energies, an India-based sustainable and circular Lithium-ion (Li-ion) battery recycling company, has raised $5 million in pre-series A Funding. The funds will be...

December 19, 2023

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Staff

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Energy Storage

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Market & Policy
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Hindalco to Set Up ₹8 Billion Battery Foil Manufacturing Facility in Odisha

Aluminum manufacturer Hindalco Industries will set up a ₹8 billion (~$95 million) plant near Sambalpur in Odisha to exponentially increase its manufacturing capacity of...

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Himadri Chemical to Set Up Li-ion Battery Components Plant in Odisha

Mumbai-based Himadri Speciality Chemical is setting up a facility in Odisha to produce Lithium-ion Battery (LiB) components with a total annual production capacity of...

December 7, 2023

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Staff

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Energy Storage

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Market & Policy
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Fluence Energy Records First-Time Profits as Net Income Surges 91.4% in Q4

Energy storage technology and solutions provider Fluence Energy recorded a net income of $4.82 million for the fourth quarter (Q4) of the fiscal year (FY) 2022-23, a...

December 1, 2023

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Gautamee Hazarika

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Energy Storage

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Market & Policy
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Coal Ministry Identifies 20 Abandoned Mines to Develop Pumped Storage Projects

The Ministry of Coal has identified 20 abandoned mines to evaluate their feasibility for setting up pumped storage projects and leveraging vast land banks’...

November 10, 2023

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Satish Shetty

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Energy Storage

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Market & Policy
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Flux Power’s Q1 FY24 Revenues Drop 17% YoY as Energy Storage Shipments Defer

Lithium-ion storage solutions provider Flux Power Holdings recorded a net loss of $2.11 million for the first quarter (Q1) of the fiscal year (FY) 2023-24, a marginal 1....

November 10, 2023

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Satish Shetty

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Energy Storage

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Market & Policy
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Venture Capital Funding for Energy Storage Rises 115% in 9M of 2023

Global corporate funding in the energy storage sector witnessed a 31% year-over-year (YoY) decrease during the first nine months (9M) of 2023, with a total of $15.2...

October 26, 2023

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Gautamee Hazarika

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Energy Storage

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Market & Policy

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Mercom Research Focus
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Supreme Court Clarifies Ownership, Consumption Terms for Captive Power Projects

In a recent ruling, the Supreme Court of India reaffirmed that a user who owns 26% of a captive power-generating project and utilizes 51% of its electricity could be...

October 11, 2023

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Rakesh Ranjan

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Market & Policy

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Solar

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