Inflation Reduction Act looks to be safe from cuts to maintain the national debt ceiling, according to Wood Mackenzie Power & Renewables.

The US’ installed base of utility-scale battery energy storage systems (BESS) increased by 80% in 2022, as the industry had a record-breaking year.

Energy optimisation software provider Peak Power has received US$35 million investment, while startup Financial Machines has launched its own platform, with both targeting the US energy storage market.

At look at the fortunes, prospects and claims made by three energy storage technology firms that joined the SPAC-driven public listing wave.

Inflation Reduction Act has created buzz but not yet business deals for flow battery maker ESS Inc, according to CEO Eric Dresselhuys.

The Inflation Reduction Act could “suck the oxygen out” of the Latin American (LatAm) energy storage market, the CEO of pan-American energy storage firm On.Energy said.

Clean energy trade bodies ACP, ACORE and SEIA have denounced an attempt by Republicans to roll back the Act, which has spurred unprecedented investment in the US market.

LG Energy Solution sees lithium iron phosphate (LFP) battery production to meet demand for stationary energy storage systems (ESS) in the US market as a “new growth engine” for the South Korean manufacturer.

There has been US$150 billion of announced investments into the US’ upstream and downstream clean energy industry since the Act was passed, according to American Clean Power (ACP).

There is a long way to go before the new standalone storage investment tax credit (ITC) starts to really make a dent in the market, speakers and delegates at the Energy Storage Summit USA last month said.