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.

The new investment tax credit (ITC) for standalone energy storage means some US developers are opting to overbuild systems instead of augmenting them further down the line.

Scale Microgrids Solutions will build a renewables microgrid for a Native American tribe in California, announcing the new project a few weeks after securing a US$225 million debt facility.

Canada will introduce tax credit incentives and invest in developing and manufacturing solar PV, energy storage and other renewable energy technologies in an Inflation Reduction Act-style scheme.

Texas continues to be a hotbed for energy storage activity, as CATL announces major supply deal and first project to get ITC comes online.

The investment tax credit is an undoubted game changer for the US industry, but it isn’t easy or cheap to capture its benefits.

The Energy Storage Summit 2023 was attended by more than a thousand delegates and featured a veritable who’s-who of the sector.

Aypa Power has bought two “late-stage development” battery storage projects in Indiana, US, from Blue Steel Power.

A major upturn in US energy storage deployments is expected as a direct consequence of the Inflation Reduction Act.

Energy storage developer Eolian has completed an investment in two standalone battery energy storage projects in Texas, which it claims is the first use of the Inflation Reduction Act’s new tax credit incentives (ITC).