Amrith Ramkumar of The Wall Street Journal reports on America’s battery storage boom.
- With increasing private sector interest and federal subsidies, Wall Street is making a bet on battery storage.
- Intersect Power is raising $837 million in debt and equity from Morgan Stanley and Deutsche Bank to fund three large battery facilities in Texas.
- Founded in 2016, Intersect has built solar arrays fro Apple and Morgan Stanley and has now agreed to buy billions of dollars worth of Tesla Megapack batteries to accelerate installations in California and Texas.
“Storage capacity in the U.S. has grown enough in recent years to be able to power many millions of homes, according to S&P Global Market Intelligence. California and Texas dominate the industry, but projects are in the works in Nevada, Arizona and elsewhere to help meet growing power demand from artificial-intelligence data centers and manufacturing plants.”
Read the full article here.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.
