The SUSI Energy Storage Fund, which launched in 2016, announced its first close at €66 million ($70 million) to invest in improving battery capacity for renewables. Already, says SUSI, which has more than $1 billion under management, an additional €14 million ($15 million) has been committed.
The renewable-storage market is expected to reach $400 billion by 2030, according to Citi GPS, and big power and electronics firms, including Tesla, Panasonic and Pacific Gas and Electric, have recently invested in tech development for energy storage.
SUSI’s fund, backed by a group of unidentified institutional investors new to renewable-storage investment, has developed a pipeline of projects totaling 400-megawatt hours in storage capacity; its first investment is in a portfolio of projects in Ontario, Canada.
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Photo credit: SUSI AG Rights Free