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Eos Energy lands $315.5 million investment to expand its LDES market footprintÂ
New York-based Cerberus Capital Management’s investment will enable Eos Energy to restructure some existing debts as it aims to capitalize on increased global demand for long-duration energy storage services.Â
Jun 26, 2024
U.S. government releases IRA’s prevailing wage and apprenticeship requirements
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final rules on the Inflation Reduction Act’s (IRA) prevailing wage and registered apprenticeship requirements. Developers of clean energy projects may be able to claim an increased credit equal to five times the base incentive.
Arizona’s largest energy storage project closes $513 million in financing
In the USA, the 1,200 MWh Papago Storage project will dispatch enough power to serve 244,000 homes for four hours a day with the e-Storage SolBank high-cycle lithium-ferro-phosphate battery energy storage solution. Recurrent Energy, a subsidiary of Canadian Solar Inc. has secured $513 million in project financing for its Papago Storage project located in Maricopa County, Arizona.Â
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Princeton NuEnergy scores $30 million in funding for lithium battery recycling
In the USA, Princeton NuEnergy (PNE), a New Jersey-based specialist in lithium-ion battery direct recycling, has announced the close of a Series A funding round with a strategic investment from Samsung Venture Investment Corporation. PNE is now commercializing its lithium-ion battery recycling process that the company reports recovers up to 95% of materials found in all lithium-ion battery chemistries.
US battery storage demand to surge within this decade, says SEIA
US demand for battery energy storage systems will grow sixfold by 2030, according to a recent report by the Solar Energy Industries Association (SEIA), but only with serious investment, coordination with experienced manufacturers, and collaboration with allies.
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