Funding the Energy Storage Transition

Synopsis

In December 2022, ARENA announced $176m in funding for 8 large scale grid-forming battery projects. With a total project value of $2.7 billion and a capacity of 2.0 GW / 4.2 GWh these projects represent a tenfold increase in grid-forming electricity storage capacity currently operational in the National Electricity Market. ARENA will provide an update on the status of these projects and the outlook for the role of grid-forming inverters going forward. In addition to grid-forming batteries, ARENA is also looking at emerging storage technologies and the potential role of medium-long duration storage. ARENA will provide an update on its plans to support demonstration and scale-up of emerging storage technologies.