Storms drive $22 Billion Investment in Battery Backed Grids
Growing demand for more resilient power supplies will spur $22.3 billion of global investment in battery-backed local energy systems over the next decade, according to Navigant Research.
North America and the Asia-Pacific region will get about three-quarters of the investment as developers find ways to use microgrids more efficiently, including providing energy-management services to utilities. North America will have 5.85 gigawatts of microgrid storage in operation by 2026 and Asia-Pacific will have 5.57 gigawatts. Declining battery costs and new financing methods will also boost deployment in areas like coastal communities in Florida and Texas exposed to flooding and frequent storms, said researcher Alex Eller.
Suppliers including Tesla Inc., battery-maker Sonnen GmbH, and solar rooftop supplier Sunnova Energy Corp. have each begun shipping micro-grid equipment to Puerto Rico to help re-power the island following the storm.