U.S. wind outlook lifted by tax breaks for long duration storage [Reuters]
Energy Vault Holdings, Inc. (NRGV)
Company Research
Source: Reuters
November 30 - New tax credits for energy storage in the U.S. Inflation Reduction Act (IRA) will boost the business model for long duration energy storage (LDES) that will be crucial to eliminating fossil fuel from the grid. The IRA extends tax credits for wind and solar for the next ten years and allows developers to gain investment tax credits (ITCs) for standalone energy storage and wind plus storage projects for the first time. Previously, ITCs were only available for storage coupled with solar. The technology-neutral storage incentives will lead to more wind projects coupled with batteries but they will also accelerate the commercialisation of LDES crucial for achieving high levels of wind penetration. Battery storage of a few hours can help solar developers meet evening peak demand but different load profiles mean wind developers will benefit more from daily, weekly or seasonal storage dispatch. The tax credits “will provide a major boost to the commercial prospects of v
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NRGV
Earnings
- 3/12/24 - Miss
NRGV
Sec Filings
- 4/19/24 - Form 8-K/A
- 4/16/24 - Form 4
- 4/12/24 - Form 144
- NRGV's page on the SEC website