Critical Minerals and Energy Intelligence

Top News Highlights for the Energy Storage Market in Q2, 2023

Here’s our roundup of energy storage highlights from Q2.

Another Round of Record-Breaking U.S. Installations: The U.S. energy storage sector added a record 5,597 MWh in Q2 2023.

China’s Rapid Expansion: China’s cumulative installed capacity of electrical energy storage projects reached 70.2 GW by the end of June 2023, a 44% year-on-year increase.

Tesla’s Milestone: Tesla delivered 9.4 GWh of battery energy storage systems in Q2 2023, more than doubling its previous quarterly record and contributing to record profits for its energy business.

European Market Growth: Over 400 MW of new battery energy storage capacity became operational in Great Britain between April and June 2023, bringing the total grid-scale battery capacity to 2.9 GW.

Residential Market Dynamics: Q2 2023 marked the first quarter on record where global residential energy storage shipments declined year-on-year, falling by 2%. Shipments to Europe slowed, with significant decreases in Belgium, Spain, and Italy.

G7’s Ambitious Target: G7 countries plan to set a global target to enhance electricity storage capacity six times by 2030 to support the transition to renewable energy sources like wind and solar power.

Investment Opportunities in Europe: Britain, Ireland, and Italy are highlighted as the most attractive European markets for battery power storage investment due to supportive revenue models from their governments. Aurora Energy Research forecasts a seven-fold increase in European battery power storage capacity by 2030.

Global Outlook: Wood Mackenzie projects that between 2023 and 2027, the U.S. energy storage market will install close to 66 GW of capacity.

Anthony Milewski

Chairman, Nickel 28 Capital

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