Battery Storage Systems Market Size, Share, Growth Analysis, By Battery Type(Lithium-ion batteries, advanced lead-acid batteries, flow batteries, others), By Connection Type(On-grid, Off-grid), By Application(Residential, Commercial, Utility), By Region - Industry Forecast 2024-2031

In June 2024, Generac Power Systems introduced itself to the commercial and industrial battery energy storage systems market by acquiring PowerPlay Battery Energy Storage Systems from SunGrid Solutions Inc, which expands the Generac turnkey BESS solutions for C&I projects up to 7 MWh to offer customers resilient solutions, efficient, and sustainable. The acquisition shows Generac’s perspectives on further developing its energy technology portfolio as the demand for distributed energy solutions rises. 

In January 2024, Myers Emergency Power Systems (Myers EPS) decided to acquire Storage Power Solutions (SPS), which was a major diversification into battery energy storage systems (BESS). This entails redubbing SPS under Myers EPS and the development of EnerShed™ the family and range of modular BESS products. Through this strategic initiative Myers EPS is allowing itself to continue to develop an offering of sophisticated, customizable energy storage systems that will look to tap into proprietary technology to help energy consumers utilize energy more efficiently and at a lower price. 

In January 2024, through its subsidiary TotalEnergies Gas & Power, the French energy giant boosts its presence in Germany’s energy industry by purchasing Kyon Energy GmbH, a major company in battery storage system development. The Transaction is set at € 90 Million up front with possible earn-out that gives TotalEnergies an opportunity to hence have a direct control over Kyon Energy’s portfolio of 770MW developed projects comprising of both operating and under-construction capacities. This is a strategic landmark in advancing TotalEnergies’ Integrated Power plan in Germany, which recent successes include in the developing offshore wind farms and the charging stations for electric automobiles. Knowledge from Kyon Energy will also improve the capabilities of the grid enabling it to support renewables which is in line with TotalEnergies objective of providing affordable clean energy for the German market.