SolarBank Corp. Understands The Importance of Energy Storage
Last Updated on: 8th April 2025, 08:39 am
Disseminated on behalf of Solar Bank Corporation
I don’t think we need to tell most of CleanTechnica’s readers how important battery energy storage systems (BESS) are. After all, they’re the core technology that enables electric vehicles, portable solar generators, and home backup energy systems. However, the importance of batteries is only going to grow, so it’s worth not only reviewing, but looking toward the future.
In many ways, batteries are the key to translating the language of energy supplies to the very different language of energy needs. Renewables are great because they can supply us with electrical power without nastying up the air or pushing us further toward the edge of climate change tipping points. But, as the naysayers like to remind us, “the sun doesn’t shine, and the wind doesn’t always blow.” Being able to take those intermittent power sources and use them for 24/7 power means we need a place to put excess power to store it for future use.
We’re already seeing massive benefits from this in the present, but the future is even more exciting. The global BESS market, valued at $7.8 billion in 2024, is projected to reach $25.6 billion by 2029, with a compound annual growth rate (CAGR) of 26.9%. In the United States alone, the market is expected to grow at an annual rate of 16.3%, reaching $31.2 billion by 2029. In 2024, global BESS installations reached 205 gigawatt-hours (GWh), a 53% increase from the previous year, driven by grid-scale projects, which accounted for 160 GWh of this capacity.
While there are many different ways to store energy, it shouldn’t be surprising that lithium-ion technology has thus far dominated the sector’s deployments, making up 98% of them!
As the technology has matured and production has increased, prices have fallen. This has served to only whet the appetite of demand, leading to further deployment, further price reductions, and further price drops. China has led the way on this, deploying 67% of the total deployments, with the U.S. and Canada in the second spot (led by California). Europe is on track to exceed this, though.
SolarBank recently entered the Canadian battery storage market with a project in Cramahe, Ontario. Backed by a $25.8 million loan from the Royal Bank of Canada, the SFF-06 project is under construction by SolarBank’s subsidiary, ProjectCo. Over 22 years, the project will deliver power on a fixed payment, aided by Canadian tax credits.
On top of this project, SolarBank’s acquisition of Solar Flow-Through Funds Ltd. in 2024 further strengthened its market position, adding substantial renewable assets to its portfolio. The company now boasts over 100 MW of completed renewable projects and a development pipeline exceeding 1 GW, signaling significant growth potential in the clean energy sector.
However, all of these dollars and cents are nothing compared to the need to use these projects to improve the lives of people who use the power. Many projects include partnerships with local communities and First Nations (Native American) communities so that everyone can get a slice of the pie.
By leveraging advanced battery technology, strategic partnerships, and government incentives, SolarBank is expanding its project pipeline while contributing to a more sustainable and resilient energy future.
This report contains forward-looking information. Please refer to the SolarBank press releases entitled “SolarBank Announces Commencement of Construction of First Battery Energy Storage Project (BESS) in Ontario” and “SolarBank Partners with Viridi on Combined 3.06 MW Solar and 1.2 MWH Battery Energy Storage Project Located in Buffalo, New York” for additional details on the information, risks and assumptions. All images provided by SolarBank.
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