Wood Mackenzie

Mercom Capital Group says that total corporate solar funding, global venture capital funding, public market financing, and PV mergers and acquisitions all fell year on year in the first quarter of 2024. The sector is still grappling with high interest rates, which Wood Mackenzie says is disproportionately affecting renewables projects.

Wood Mackenzie says the levelized cost of electricity (LCOE) in the Asia-Pacific region hit an all-time low in 2023, as utility-scale PV beat coal to become the cheapest power source. It predicts a further drop in costs for new-build solar projects, driven by falling module prices and oversupply from China.

The number of PV installations around the world grew by an annual average of 28% between 2019 and 2023, including a 56% jump from 2022 to 2023, according to Wood Mackenzie. Growth is not expected from 2024 to 2028, however.

With the consistently unambitious forecasts for solar trotted out by entities such as the International Energy Agency (IEA) now a matter of record, a German risk management company has tried to predict more realistic figures for 2030 and beyond.

Swedish battery maker Northvolt has developed its first sodium-ion battery in partnership with Uppsala University spinoff Altris. The cell has been validated for an energy density of more than 160 Wh/kg and is designed primarily for energy storage applications.

Transformer shortages are taking their toll on battery energy storage system (BESS) integrators, as competition in the market intensifies.

Wood Mackenzie notes in a new report that solar accounted for 45% of US electricity generation capacity additions in the first half of 2023. It says that it expects 15% annual growth in PV installations through 2028.

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.

The global floating solar (FPV) market is expected to keep up its steady growth, as the Asia-Pacific region continues to lead demand.

Long-duration energy storage (LDES) is essential for decarbonizing the grid but gigawatt-hour scale systems continue to be tricky for companies with big ideas. Here are some of the latest innovations across a flourishing array of new – and old – ideas.