Although global energy storage firms are pivoting toward the U.S. battery market on the back of the Inflation Reduction Act (IRA), growing pains lie ahead, according to a new report, Taking Charge: Inside the U.S. Battery Boom, from U.S. law firm Troutman Pepper.
Troutman Pepper says compounding market growing pains attest to the positive global industry reaction to the IRA. Less than six months after it became law, the U.S. Energy Information Administration reported a steep increase in battery-storage projects under development, with a 26.5 gigawatts of pipeline capacity in February, up 58 percent from the pre-IRA figure. This is expected to expand further throughout 2023.
Troutman Pepper expects five post-IRA investment trends to shape the sector in the years ahead. According to the law firm, significant inward investment into the U.S. battery sector from established renewables markets in Europe, Asia and South America is expected to provide the expert