The energy storage technology and services company said the investment will bolster its bankability as the energy storage market grows.
The company will use the funds to expand its team, as it looks to show off the innovation of its cell-level battery management system and inverter technology.
Around 5% of utility-scale solar production was curtailed in 2020. Policy leaders are using a number of tools to reduce this waste of renewable energy.
Regulators also approved expanding the utility’s community solar program and make 10 MW of solar capacity available for subscription.
Also on the rise: Protesters rally to demand TVA reforms, the energy storage market is fully charged for rapid growth, and BlackRock buys a solar developer.
A ribbon cutting was held to mark the recent 100 MW/400 MWh expansion of the battery, which one day could grow to 1,500 MW/6,000 MWh.
Lithium-based energy storage volumes are expected to grow by multiple orders of magnitude in the coming years, with a 1,000% capacity increase by 2023.
Also on the rise: JinkoSolar is adding a manufacturing plant in Vietnam, solar on a parking garage adds a Scandinavian design flair, and iSun says its 2021 revenues are likely to double.
Residential solar installation price declines have accelerated over the past year. However, energy storage pricing has gone up, with Enphase taking an increasingly larger share of the market.
A report from Lawrence Berkeley National Laboratory looks at residential and non-residential distributed solar+storage markets and finds big growth with a huge future potential.
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