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What is NGS (new generation storage)?

The NGS (New Generation Storage) project is an innovation pact composed of 47 companies and entities aimed at developing a new energy storage concept in the field of BESS (Battery Energy Storage Systems), essential solutions for balancing energy demand and supply and promoting electrical grid stability.

What is grid-scale storage?

Grid-scale storage refers to technologies connected to the power grid that can store energy and then supply it back to the grid at a more advantageous time – for example, at night, when no solar power is available, or during a weather event that disrupts electricity generation.

Will a new grid-scale storage project get a tax credit?

The United States’ Inflation Reduction Act, passed in August 2022, includes an investment tax credit for sta nd-alone storage, which is expected to boost the competitiveness of new grid-scale storage projects.

What is the new generation storage innovation Pact?

The New Generation Storage (NGS) Innovation Pact is fully aligned with the European Union’s energy transition strategy by 2040 and the challenge for complete electrification of mobility by 2035.

Will grid-scale battery storage grow in 2022?

Grid-scale battery storage in particular needs to grow significantly. In the Net Zero Scenario, installed grid-scale battery storage capacity expands 35-fold between 2022 and 2030 to nearly 970 GW. Around 170 GW of capacity is added in 2030 alone, up from 11 GW in 2022.

How does the European Union support the new generation storage project?

These efforts are supported by the European Union under the Next Generation EU, through a grant from the Partnership Agreement of the Recovery and Resilience Plan (PRR) of the Portuguese Republic, regarding the NGS project – “New Generation Storage”. Total project investment: 194.801.930,38 Euros.

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