State backing for renewable investments fuels growth but western nations remain dependent on Asia for supply
Often overshadowed by their counterparts in flashy electric cars, batteries for renewable energy storage are becoming increasingly important to countries’ net zero ambitions.
However, there is little homegrown technology. The US still imports 90 per cent of its battery volumes from China,investment bank. And, despite government incentives, the US will remain dependent on China and Asia for storage batteries as domestic investment has been lacking. Other countries are ramping up incentives for battery storage, too, as they seek to reduce supply risk. South Korean conglomerates LG, SK and Samsung are benefiting from a $5.3bn financial support package set up by country’s government for battery makers. The trio have also “heavily invested in US-based production facilities and should benefit from a double dose of subsides from South Korea and the US IRA”, Morgan Stanley said in a July report.
Fluence Energy are one of a few battery storage providers who have benefited from the US Inflation Reduction Act © Bing Guan/Bloomberg In a sector report in June on share price prospects, investment research group Morningstar described Enphase as “one of the world leaders” in microinverters. A month later, president Joe Bidenmanufacturing site in South Carolina to highlight the company’s contribution to renewable energy and cutting carbon emissions.
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