Having previously said that the coronavirus pandemic had badly impacted its financial performance during 2020, a rebound is expected this year and next, ENGIE EPS, the energy storage and e-mobility subsidiary of European utility ENGIE has said.
Vertically-integrated solar PV company Canadian Solar won nearly 1GWh of battery storage contracts in 2020 and CEO Shawn Qu has said it expects to “capture around 10% of the battery storage market in the US alone” during this year.
Stem Inc has revealed its financial results for 2020 ahead of listing on the New York Stock Exchange, admitting that despite expecting a fourfold increase in revenues this year, the company is unlikely to achieve profitability until at least the end of next year.
Tesla reported a significant increase in energy storage deployments for the fourth quarter of 2020, more than doubling record figures from the previous quarter as battery manufacturing expansions led to greater product availability but demand still outstrips supply.
Wärtsilä Corporation’s CEO has said that “activity in the energy storage market held up well” in 2020 despite a difficult year for the company due to prevailing market conditions around the COVID-19 pandemic.
Vertically-integrated vanadium mining, production and supply company Largo Resources wants to launch its own vanadium redox flow battery (VRFB) onto the market within a year-and-a-half, predicting that the technology will play a “critical role” in addressing significant demand for energy storage.
Tesla said that it more than doubled production volumes of grid-scale energy storage solution Megapack in the third quarter of 2020 as the company continues to ramp up production to “match unprecedented demand across the globe”.
ENGIE EPS incurred increases in operating expenses and extraordinary costs due to COVID-19 which “more than offset” an increase in revenues that ENGIE’s energy storage subsidiary earned in the first half of this year.
Major PV inverter manufacturer Sungrow has reported a significant recovery in revenue and profitability in the second quarter of 2020, including a jump in revenues from its energy storage business segment.
One of two dedicated energy storage investment funds listed on the London Stock Exchange has seen its Net Asset Value (NAV) per share fall slightly as a result of COVID-19 but remains optimistic for its performance over the year.
