Battery Storage Funding to Grow to €30 Billion by 2030
July 31, 2023 In The NewsICIS
Investment in new battery energy storage systems (BESS) in Europe is set to reach €30 billion by 2030, market participants told ICIS.
BESS could play a crucial role in decarbonising the European power system by providing peak demand response, supply-side flexibility and boost the development of new renewable capacity.
Installed battery storage capacity across Europe will rise from 11.5 GW in 2023 to 40.5 GW by 2030, according to ICIS Power forecast base case scenario.
Europe will need a net BESS investment of around €4.3 billion per year or €30 billion in total by 2030, several investors told ICIS.
“We set aside a €200 million budget for the next three years funding BESS but if market interest is there, we could increase it,” a portfolio manager at an European investor told ICIS.
“There is fairly strong interest from investors, although… Read more
