BYD

Global demand for sodium-ion batteries is expected to grow to just under 70 GWh in 2033, from 10 GWh in 2025, at a compound annual growth rate (CAGR) of 27%, according to UK-based market research company IDTechEx.

Last year was another landmark 12 months for energy storage, with all indicators pointing to a massive surge in demand. Supply chain instability and inflation saw battery prices rise but the industry demonstrated an ability to swiftly react to geopolitical developments. We look at five trends driving the market.

Brazil’s newly elected government, under Luiz Inácio “Lula” da Silva, will face energy-transition and decentralization issues during critically important years in the fight to curb climate change. Livia Neves reports from Rio de Janeiro.

Acciona Energia is setting up its first V2G network in Spain, ADS-TEC has unveiled a battery-based, all-in-one system with up to 300 kW of charging power, and Volkswagen is looking for a location for its first battery cell factory in North America.

Sunrun has launched its new Level 2 EV charger for residential customers, while BYD has posted its highest monthly electric vehicle sales ever. Nissan, meanwhile, has revealed that it has decided to rent EVs, rather than sell them.

Taiwanese analyst TrendForce said it expects global energy storage capacity to reach 362 GWh by 2025. China is set to overtake Europe and the United States is poised to become the world’s fastest-growing energy storage market.

The Spanish company says it wants to focus only on OECD member states, indicating a withdrawal from Africa. The sale includes a solar farm in the Northern Cape, which has reportedly been affected by module backsheet failures.

Chinese battery manufacturer BYD will this week introduce an expanded portfolio of energy storage systems designed for the commercial and industrial solar markets. At The smarter E, the company will also offer a sneak peak at a new high-voltage storage system expected to be launched later this year.

In other news, BYD’s quarterly profit is up by 241% buoyed by demand for battery-powered cars, Ford takes a US$3.1 billion loss on its Rivian stake and cuts 580 jobs as part of corporate restructuring, and ABB agrees to provide its full portfolio of EV charging technology to Shell.

In other news, StoreDot’s extreme fast charging EV technology gets one step closer to commercial viability and Volkswagen resumes European production. Moreover, Japanese carmakers are gearing up to claim their share of the European EV market.