Julian Spector of Canary Media reports on energy storage funding through the Department of Energy.
- Through the Infrastructure Investment and Jobs Act the Department of Energy (DOE) was given $350 million for long-duration energy storage demonstration projects.
- DOE will collaborate with the private sector to help make emerging technologies market viable.
- Programs such as this have accelerated energy innovation for advanced nuclear power and carbon capture.
“In the habitually cautious utility space, track records count. No utility wants to bet its grid reliability on some new gadget only to see it fail to reach completion or fall apart at a crucial moment. And financiers hesitate to fund projects when it’s hard to model what their returns will look like. DOE funding for half the construction cost will get projects running and showing off what they’re capable of, potentially speeding up the pace of market acceptance.”
Read the full article here.