Big batteries have long been touted as the future of the electrical grid and a key to unlocking solar and wind power.
But when entrepreneur David Cieminis sought financing for a storage project in California, a state desperate to wean itself off of fossil fuels, he couldn’t reel in a bank.
At the same time, manufacturing of lithium-ion batteries is scaling up rapidly to meet the growing demand for electric vehicles and large systems installed in power grids or at solar farms. As prices for lithium-ion batteries drop — they fell by half from 2016 to 2019, according to BloombergNEF — banks are taking another look.
In early February, on a whim, he approached a few lenders that had completed storage financings. He was pleasantly surprised to find interest in two other Able Grid projects — 100-megawatt facilities in Southern California and Texas.Recognizing the sizable opportunity in batteries, some project finance banks have recently begun supporting battery developments, and others expect to follow soon. The U.S. Energy Storage Assn. trade group is aiming to have 35,000 megawatts online by 2025.
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