LG Energy Solution Vertech, Inc.’s Post

#industrynews European energy storage market analysis✍️ According to the #energystorage market data in 2023, the top five energy storage countries in #Europe are Italy, the United Kingdom, Germany, the Czech Republic and Austria. Germany accounts for 34% of the European market share in 2023, followed by Italy (22%) and the United Kingdom (15%). ✅️Germany: Germany will continue to maintain its leading position in the energy storage market, with 4.4 GWh of #battery capacity expected to be deployed in 2024. ✅️Italy: Italy has become the second largest market in Europe and is expected to surpass Germany in 2024 to become the largest market. In 2024, the Italian energy storage market is expected to add 7.7 GWh of capacity. ✅️UK: The UK energy storage market is expected to add 4.5GWh of capacity in 2024, a year-on-year increase of 70%. ✅️Czech Republic: The Czech Republic market is mainly dominated by the residential battery sector, which is expected to account for 97% of the BESS market in 2024, reaching 1.1 GWh. ✅️Austria: The Austrian market is expected to add 829 MWh of capacity in 2024 and remains one of the key players in the European energy storage market despite the challenges of a declining market size. #solarbattery #batterystorage #homeenergystorage #batterypack

As we look to 2024 to continue to the incredible growth in number and expansion in size of energy storage projects, it's important to remember that all efforts to increase deployment hinge on the supply of batteries, which hinge on the supply of raw materials to construct batteries. Solar Energy Industries Association's (SEIA) report on challenges with energy storage supply chain that the US must address is a worthy read. SEIA's CEO, Abby Hopper: “This report illustrates the competitive landscape of energy storage manufacturing and articulates the challenges the U.S. must address in order to reduce our reliance on battery imports and enhance energy security.” https://bit.ly/3NfN0Vt #energystorage #growth #renewableenergy #ihiterrasun

New research from the International Energy Agency (IEA) has revealed that even though Europe may outspend the US on clean energy this year, China’s clean energy spending plans will massively surpass that of Europe and the US combined. China In First Place  The ‘World Energy Investment 2024’ report from the IEA, which tracks capital flows in the energy sector, shows that clean energy investments are set to be up by more than 50 per cent from 2020.  The report shows that whereas Europe is expected to be spending an estimated $370 billion on clean energy, while the United States spends $315 billion (about $970 per person), China is expected to lead in clean energy investment this year with approximately $675 billion (about $2,100 per person) – nearly twice as much as the combined investments of Europe and the US! Investment In What And Why?  The report shows that the focus of China’s investment is primarily on solar photovoltaic (PV) technology, driven by falling module prices and strong domestic manufacturing capabilities. Solar PV investments alone are projected to exceed $500 billion globally, with China contributing a substantial portion.   Also, China’s investments are being bolstered by rapid growth in three new clean energy industries – solar cells, lithium battery production, and EV manufacturing. Why Are Europe and The US Not Investing As Much? Read more about it on our blog: https://lnkd.in/dMNpmNZr

Exploring the LG Battery Recall: Why Lithium Iron Phosphate Batteries Shine 🌐☀️ At Solar Battery Group, safety is paramount, which is why we delve into the recent LG recall and emphasize the superiority of Lithium Iron Phosphate batteries. Discover the safety advantages and why they are our exclusive choice in solar energy storage. Read more here. #SolarEnergy #BatterySafety #RenewableTech

“Utilities are increasingly using batteries for grid stability and arbitrage, or moving electricity from periods of low prices to periods of high prices” says a new survey from the US Energy Information Administration (EIA). The report also details how utilities make use of batteries to improve grid reliability with services that support the transmission of electricity, known as ancillary services. One type of ancillary service is frequency regulation - of more importance as the ratio of renewable energy on the grid increases while the energy transition gathers pace. https://buff.ly/4cGas8M

Polaris Energy Storage Network learned that on 29 February, MAYMUSE (www.maymuse.com) signed a contract for a vanadium flow battery 100MW/800MWh independent shared energy storage power station project with the Shenze County Government in Shijiazhuang, Hebei, with a total investment of 1.68 billion yuan, which is China's largest vanadium flow battery independent shared energy storage power station project. The project is located in Shenze County, Shijiazhuang, Hebei Province. The total planned area is about 80 acres. The project will be implemented in two phases. Phase I of 100MW/400MWh will be launched in 2024. It will be completed and connected to the grid by the end of 2024. In recent years, Shenze County has regarded the development of new energy industry as an important means to implement the "dual carbon" strategy and promote high-quality development in the county. The vanadium flow battery independent shared energy storage power station project is a new energy storage technology that meets the requirements of "large scale, large capacity, low cost, long life, and high safety" for large energy storage power stations. It has high technological content, strong development potential, and strong and broad market prospects. Both parties will take this signing as a new starting point to continuously expand and enrich cooperation results and achieve mutual benefit and win-win development. https://lnkd.in/gNi7PN4W Source: Polaris Energy Storage Network, 1 March 2024

Undoubtedly, Battery Energy Storage is going to play a crucial role in the Energy Transition. I recently had the pleasure of working with Andrew Crossland PhD who is the Director of New Energy at solarZero, and an Advisory Board Member and Associate Professor at the Durham Energy Institute. We explored some of the challenges currently facing Battery Energy Storage and started to look to the future opportunities for the sector. #batterystorage #energy #renewableenergy #energystorage #energystoragesystem #energytransition #ukenergy #batteryenergystorage #nationalgrid #lithiumbattery #netzero #gridconnection #battery #batterytechnology https://lnkd.in/eSB_4KgJ

Battery Energy Storage: Europe’s Market on the Verge of a Breakthrough The market for battery energy storage systems (BESS) in Europe is on the verge of a genuine boom. Driven by ambitious climate targets, the rapid expansion of renewable energies, and falling battery prices, the European storage market offers enormous growth opportunities for established providers and new market participants. However, in international comparison, Europe still lags behind. The challenge is to overcome obstacles and set the right course to fully exploit the potential of battery storage for the energy transition. #Energy #Storage #EU #Europe #Battery Read more below 👇🏼

“The market for grid-scale energy storage is set to increase exponentially in the coming years. This is no surprise..." - Ryan Alexander, Research Lead "Aurora Energy Research, the global provider of critical energy market analytics and a leading commercial advisor for battery storage investments and transactions in Europe, is delighted to unveil the third edition of its European Battery Markets Attractiveness Report. The report, which examines 24 European countries, highlights the most attractive markets for Battery Energy Storage Systems (BESS) investment while also delving into evolving market dynamics and regulatory landscapes." See the full Press Release on the 3rd Edition Battery Market Attractiveness Report here: https://lnkd.in/eKszMBCw Download a copy of the redacted version of the report and we will follow up with you about the full version. Find it here: https://lnkd.in/emgcfxDb #AuroraEnergyResearch #PressRelease #BatteryMarket

Battery storage developers and operators discussed the challenges and opportunities in the US market, on the first day of Solar Media Limited Energy Storage Summit (ESS) USA 2024. #energystorage