ENERGY STORAGE SYSTEM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In September 2024, the Tokyo Energy Storage Plant Investment Limited Partnership, a collaborative government-industry fund co-managed by ITOCHU Corporation, secured over US$51.69 million from 11 investors. This fund is dedicated to advancing battery energy storage projects, highlighting the synergistic efforts between Japan's public and private sectors in the energy domain.
• In December 2023, Itochu Corporation, a prominent Japan-based conglomerate, partnered with a U.K.-based Gore Street Capital to launch Japan's first dedicated Battery Energy Storage System (BESS) investment fund. This fund focuses on developing grid-scale energy storage projects across Japan, marking a significant step in the country's energy storage sector.
• In December 2021, Siemens AG and LG Energy Solution, a leading battery manufacturer, signed a Memorandum of Understanding (MoU) to collaborate on digitizing battery production processes. This partnership aims to enhance manufacturing intelligence across LG Energy Solution's global facilities, starting with the Ultium Cells LLC plant in Tennessee, a joint venture with General Motors is expected to begin production in 2023. By integrating Siemens' advanced automation and industrial software solutions, the collaboration seeks to improve efficiency, reduce carbon footprint, and support LG Energy Solution's sustainability goals.