What is the energy storage grant programme?
The programme will provide direct grants for the construction of the projects, with a target to support at least 1.2GWh of energy storage projects. The grants will cover a maximum of 30% of the projects’ capital expenditure costs.
Will EU grant a battery storage project in Lithuania?
European Commission delegation visiting a Fluence battery storage project in Lithuania. Image: Energy Cells via . Lithuania can move ahead with a scheme to provide €180 million (US$200 million) in grants to energy storage projects after it was approved by the EU.
How will Lithuania support energy storage projects?
Image: Energy Cells via . Lithuania can move ahead with a scheme to provide €180 million (US$200 million) in grants to energy storage projects after it was approved by the EU. The programme will provide direct grants for the construction of the projects, with a target to support at least 1.2GWh of energy storage projects.
What drives energy storage project development?
Globally, energy storage project development is increasingly driven by the utility-scale segment, with mandates and targeted auctions driving gigawatt-hour projects in markets like China, Saudi Arabia, South Africa, Australia and Chile.
How has technology impacted the energy storage sector?
Technological developments and market uptake have already had a positive impact on the storage sector: the costs of battery storage are down by 93% since , according to the International Renewable Energy Agency (IRENA). Pumped storage hydropower is the largest energy storage technology globally.
When will energy storage funding be available?
The money will be available to all energy storage technologies that are directly connected to the transmission network, and winning projects will be selected through a competitive bidding process. Aid will be granted no later than 31 December, .
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