NTPC Green Energy’s IPO Oversubscribed 2.5 Times

Telangana DISCOM Floats Tenders for 3 MW Solar Power Projects

Daily News Wrap-Up: India Adds 16 GW Solar Capacity in 9M 2024

CMPDI Invites Bids for 10 MW Solar Project at Mahanadi Coalfields

RERC Upholds Penalty for Failure to Comply with Renewable Energy Regulations

Hyundai to Source 118 MW Power from Fourth Partner’s Solar and Wind Projects

India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

Daily News Wrap-Up: UPNEDA Tenders 2 MW Rooftop Solar Projects

Maxeon Solar Modules Detained by US Customs Authority

Sungrow, TBEA, FIMER Dominate Solar Inverter Rankings in First Half of 2024


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/08/amazon_polly_57322.mp3?version=1691643719">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://www.mercomindia.com/blupine-acme-winners-ruvnls-1-2-gw-solar-storage-auction" target="_blank" rel="noopener"><strong>Solarcraft Power (BluPine Energy) and ACME Solar have emerged winners in Rajasthan Urja Vikas Nigam’s auction to set up 1,200 MW of solar power projects anywhere in India</strong></a> with a committed supply for at least six hours during the peak demand periods from an energy storage system. BluPine Energy won 100 MW by quoting a tariff of ₹6.68 (~$0.081)/kWh, and ACME won 500 MW out of the quoted 600 MW at ₹6.69 (~$0.081)/kWh.</p>
<p><a href="https://www.mercomindia.com/sjvn-subsidiary-and-om-for-200-mw-solar-project" target="_blank" rel="noopener"><strong>SJVN Green Energy, a wholly owned subsidiary of SJVN, has invited bids for the supply of a balance of system package along with comprehensive three-year operation and maintenance services</strong></a> for a 200 MW grid-connected solar power project situated at Khavda Solar Park, Gujarat. The last date to submit the bid is September 5, 2023. Bids will be opened the same day.</p>
<p><a href="https://www.mercomindia.com/ntpc-sjvn-hinduja-rumsls-phase-ii-300-mw-floating-solar-auction-2" target="_blank" rel="noopener"><strong>NTPC Renewable Energy, SJVN Green Energy, and Hinduja Renewables Energy have won Rewa Ultra Mega Solar’s auction to develop a 300 MW floating solar park (Phase II) at the Omkareshwar reservoir in Madhya Pradesh</strong>.</a> According to Mercom sources, SJVN Green Energy won 90 MW by quoting ₹3.79 (~$0.0458)/kWh, NTPC Renewable Energy 80 MW at ₹3.80(~$0.0459)/kWh, and Hinduja Renewables Energy 80 MW for the tariff of ₹3.89 (~$0.0470)/kWh.</p>
<p><a href="https://www.mercomindia.com/rerc-discom-settle-arrears-solar-wind-developers-ppas" target="_blank" rel="noopener"><strong>The Rajasthan Electricity Regulatory Commission recently allowed  Rajasthan Urja Vikas Nigam to pay the arrears to renewable energy developers who had supplied solar and wind power</strong></a> to DISCOM beyond the power purchase agreements. The Commission ruled that the arrears have to be settled within 90 days for the wind power procured at ₹2.44 (~$0.029)/kWh and solar power at ₹2.24 (~$0.027)/kW for the period beyond March 31, 2019, and in case of late payment, a surcharge would be applicable.</p>
<p><a href="https://www.mercomindia.com/parliament-panel-extension-fame-program-2027" target="_blank" rel="noopener"><strong>A parliamentary committee has recommended that the government extend Phase II of the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) for at least three years</strong></a> beyond March 31, 2024, to make electric vehicles a norm in the Indian automobile market. The standing committee on Industry made this recommendation in a report relating to the Ministry of Heavy Industries and presented it to Parliament recently.</p>
<p><a href="https://www.mercomindia.com/gcls-n-type-topcon-cell-manufacturing-unit-operation" target="_blank" rel="noopener"><strong>China-based solar manufacturer GCL System Integration Technology recently operationalized Phase I of the 20 GW high-efficiency n-type TOPCon (tunnel oxide passivated contact) solar cell</strong></a> manufacturing facility at Wuhu in China’s Anhui province. The facility is now ready to produce 10 GW of solar cells. The project was developed with an estimated investment of CNY8 billion (~$1.11 billion).</p>
<p><a href="https://www.mercomindia.com/swift-current-energy-779-million-593-mw-solar-project" target="_blank" rel="noopener"><strong>Swift Current Energy, a U.S.-based utility-scale renewable developer, has secured $779 million in financing for its Double Black Diamond Solar project, with a capacity of 800 MWdc (593 MWac).</strong></a> Comprising $695 million in construction and tax equity bridge loans, along with an $84 million letter of credit facility, this financing is claimed to be among the most substantial solar project funding endeavors in the U.S.</p>
<p><a href="https://www.mercomindia.com/despite-headwinds-poised-to-surpass-6-gw-in-2023" target="_blank" rel="noopener"><strong>Community solar installations in the U.S. have displayed a downward trend, with a 6% decrease reported in 2022 and a 13% decline during the first quarter of 2023,</strong></a> according to a report jointly published by Wood Mackenzie and the Coalition for Community Solar Access. The decline in numbers was mainly caused by uncertainties in the supply chain over the past year and challenges related to interconnection and siting, which hindered growth in important state markets like Massachusetts and Maine.</p>
<p><a href="https://www.mercomindia.com/ev-battery-tech-developer-continue-into-q2-2023" target="_blank" rel="noopener"><strong>Solid Power, which develops all-solid-state battery technology for electric vehicles, recorded a net loss of $12.21 million during Q2 of FY 2023, a 189 % year-over-year (YoY) decrease from a profit of $13.67 million.</strong></a> The company’s revenue during the April to June quarter came up to $4.91 million, a YoY increase of 90.3% from $2.58 million. The ongoing implementation of the company’s collaborative development agreements led to increased revenue.</p>
<p><a href="https://www.mercomindia.com/ess-techs-net-loss-widens-q2-2023" target="_blank" rel="noopener"><strong>ESS Tech, a long-duration iron-flow battery manufacturer, recorded a net loss of $22.93 million in the second quarter of 2023, a YoY increase of 40.89% from a loss of $16.27 million.</strong></a> The increase in net loss could be attributed partly to increased research and development costs, as the company worked to get additional patents for its iron flow battery technology. The United States-based company recorded a 312% YoY increase in revenue at $2.83 million in Q2 2023 from $686,000.</p>
<p><a href="https://www.mercomindia.com/solar-tracker-firm-array-continues-in-q2-2023" target="_blank" rel="noopener"><strong>United States-based utility-scale solar tracker company Array Technologies recorded a net profit of $64.81 million during Q2 of FY 2023, a YoY increase of 1,391%, compared to a loss of $5.02 million.</strong></a> The company’s revenue came in at $507.73 million, a YoY increase of 21%. This growth was driven by a rise in both the total capacity shipped and an increase in average selling price, attributed to better pass-through pricing to customers.</p>


Daily News Wrap-Up: RUVNL’s 1.2 GW Solar With Storage Auction


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/08/amazon_polly_57284.mp3?version=1691579372">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://essinc.com/" target="_blank" rel="noopener">ESS Tech</a>, a long-duration iron-flow battery manufacturer, recorded a net loss of $22.93 million in the second quarter of 2023, a year-over-year (YoY) increase of 40.89% from a loss of $16.27 million.</p>
<p>The increase in net loss could be attributed partly to increased research and development (R&amp;D) costs, as the company worked to get additional patents for its iron flow battery technology.</p>
<p>The United States-based company recorded a 312% YoY increase in revenue at $2.83 million in Q2 2023 from $686,000.</p>
<p>The R&amp;D expenses during the period went up from $16.17 million to $19.45 million, a 20.32% YoY increase.</p>
<p>ESS was awarded ten additional patents for its iron flow battery technology in the second quarter, bringing the number of patents held by it to 70 worldwide. It had filed  235 patent applications as of June 30, 2023.</p>
<p>The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were recorded at a loss of $20.45 million.</p>
<p>The company also recorded a loss of $115,000 on the revaluation of common stock warrant liabilities, a 101.33% drop from a gain of $8.6 million during the same period last year.</p>
<p>ESS has started supplying long-duration energy storage in the form of energy warehouses and energy centers. The company shipped nine energy warehouses in the second quarter.</p>
<p>In June this year, the company <a href="https://www.mercomindia.com/ess-battery-storage-leag-germany" target="_blank" rel="noopener">partnered</a> with Germany-based energy provider LEAG to construct a 50 MW/500 MWh iron flow battery system at the Boxberg power plant site in Germany. The project is estimated to cost an initial €200 million (~$218 million).</p>
<p>The execution of definitive agreements for the partnership is expected in the third quarter in anticipation of the project&#8217;s financial close.</p>
<p>Eric Dresselhuys, CEO of ESS, said, “We’ve made significant improvements across our internal operations, which are driving solid gains in manufacturing efficiency, greater predictability in our ability to meet our customers&#8217; needs, and more streamlined revenue recognition. As the Inflation Reduction Act continues to spark increased interest among customers seeking low-cost ways to decarbonize and enable long-duration energy storage in their grids, ESS remains well-positioned to capture share in this rapidly expanding market, as evidenced by our partnership with LEAG.”</p>
<p><strong>1H 2023</strong></p>
<p>During the first half (1H) of 2023, ESS tech reported a net loss of $44.83 million, a 110.5% YoY increase from $21.30 million.</p>
<p>The revenue for the period, however, soared by 366%, from $686,000 to $3.2 million. The company had reported zero revenue during Q1 2022, leading to a steep increase.</p>
<p>The R&amp;D expenses for the January to June period increased to $37.18 million, a 27.9% YoY increase from $29.06 million.</p>
<p>The company’s gains from the revaluation of common stock warrant liabilities dropped by 97.7% YoY from $25.1 million to $573,000.</p>
<p>The EBITDA for 1H 2023 stood at a loss of $41.82 million.</p>
<p>The company also announced that it had started the shipments for the first phase of ESS’s commitment to the Sacramento Municipal Utility District to supply up to 2 GWh of long-duration energy storage over the next four years in the form of Energy Warehouses and Energy Centers.</p>
<p>According to a recent report by Wood Mackenzie, the energy storage market in the U.S., including grid-scale, residential and community, commercial, and industrial segments, <a href="https://www.mercomindia.com/us-grid-scale-energy-drop-by-33-in-q1-2023" target="_blank" rel="noopener">experienced</a> a 26% decline in the Q1 of 2023 compared to the previous quarter, adding a total of 2,145 MWh.</p>


Iron Flow Battery Manufacturer ESS Tech’s Net Loss Widens by 41% in Q2 2023


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="http://mercomindia.com/wp-content/uploads/2023/03/amazon_polly_50274.mp3?version=1677837098">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Manufacturer of long-duration iron-flow batteries,<a href="https://essinc.com/" target="_blank" rel="noopener"> ESS Tech</a><u>,</u> recorded a net loss of $25 million in the fourth quarter (Q4) of 2022, a year-on-year improvement of 86.12% compared to a $180.73 million loss during the corresponding period in 2021.</p>
<p>The company said it continued to be challenged by supply throughout the year, which hindered its ability to fully achieve its delivery ambitions for the year, resulting in losses.</p>
<p>However, it delivered 14 &#8216;Energy Warehouses&#8217; in the fourth quarter.</p>
<p>The company recorded $16,000 in revenue during the quarter compared to zero revenue generation in Q4 2021.</p>
<p>The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter stood at a loss of $27.52 million, an improvement of 15% YoY, compared to a loss of $23.95 million.</p>
<p><strong>Full Year 2022 </strong></p>
<p>For the full year, ESS Tech posted a net loss of $77.97 million, a YoY improvement of 83.7% compared to $477.41 million in 2021.</p>
<p>The company&#8217;s revenue stood at $610,000 compared to zero revenue generation in 2021.</p>
<p>The adjusted EBITDA stood at a loss of $92.1 million, a YoY increase of 75.7% from a loss of $52.4 million in 2021.</p>
<p>Eric Dresselhuys, CEO of ESS, said, &#8220;2022 was a transformative year for ESS. We signed landmark deals with the Sacramento Municipal Utility District and ESIAP, along with many other wins with utilities and developers, and unlocked new applications such as airport decarbonization that we believe hold the promise of considerable upside.&#8221;</p>
<p>He added the company surpassed a critical operational goal, achieving nearly 800 MWh of annual capacity by the year&#8217;s end.</p>
<p>The company also entered into an agreement with Burbank Water and Power (BWP) in California to deliver BWP&#8217;s first utility-scale battery storage project. The agreement considers a 75 kW/500kWh ESS Energy Warehouse to be installed and connected to a 265 kW solar array on the BWP EcoCampus.</p>
<p>This project includes the first iron flow battery for a gas compression plant and is expected to provide a sustainable, resilient energy storage solution.</p>
<p>The company <a href="https://mercomindia.com/iron-flow-battery-maker-ess-tech-cuts-loss-38-yoy/" target="_blank" rel="noopener">recorded</a> a loss of $31.6 million in Q3 2022, a 38% YoY improvement compared to a loss of $51.33 million in 2021.</p>
<p>In Q2 2022, the company<a href="https://mercomindia.com/ess-tech-posts-rise-revenue-q2-2022/" target="_blank" rel="noopener"> posted</a> revenue of $686,000 compared to zero revenue generation for the same period in 2021.</p>


Iron Flow Battery Maker ESS Tech’s Q4 Net Loss Narrows


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="http://mercomindia.com/wp-content/uploads/2022/11/amazon_polly_44116.mp3?version=1667830687">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>U.S.-based manufacturer of long-duration iron-flow batteries<a href="https://essinc.com/" target="_blank" rel="noopener"> ESS Tech</a> recorded a loss of $31.6 million in Q3 2022, a 38% year-over-year (YoY) improvement compared to a loss of $51.33 million in 2021.</p>
<p>The company’s revenue was recorded at $192,000 compared to zero revenue generation for the third quarter (Q3) the year before.</p>
<p>The company, which<a href="https://mercomindia.com/ess-technology-goes-public-with-acon/" target="_blank" rel="noopener"> went</a> public last year in a $1.07 billion deal, is a long-duration energy storage company specializing in iron flow battery technology that designs and produces batteries predominantly using earth-abundant materials.</p>
<p>The change in fair value of public and private warrant liabilities resulted in a loss of $4.35 million for Q3 in 2022, an increase of 47.45% compared to a loss of $2.95 million for the year before. Further, the change in the fair value of earnout liabilities resulted in a loss of $234,000 for the third quarter.</p>
<p>Research and development expenses increased by $12.46 million, or a YoY increase of 162% from $7.67 million. The increase resulted primarily from increased purchases of materials and supplies, including related freight costs, increased personnel-related expenses due to expanded headcount, and an increase in warranty-related costs.</p>
<p>The adjusted EBITDA for this quarter stood at a loss of $24.38 million.</p>
<p>Company CEO Eric Dresselhuys said: “In the third quarter, the team at ESS executed well and gained traction across multiple fronts of the business &#8230; significant improvements in operational efficiency speak volumes as to the strength of the team we are building at ESS.”</p>
<p><strong>9M 2022</strong></p>
<p>ESS Technology recorded a cumulative revenue of $878,000 for the nine months (9M) 2022 period compared to zero revenue generation for the same period in 2021. The change in fair value of public and private warrant liabilities resulted in the company recording a gain of $19.47 million compared to a loss of $17.75 million for 9M 2021.</p>
<p>The company’s research and development expenses increased by $29.64 million or 152% from $19.55 million in 2021 to $49,19 million for 9M in 2022. The increase resulted from increased purchases of materials and supplies, including freight costs, increased personnel-related expenses due to expanded headcount, and increased warranty-related costs.</p>
<p>The adjusted EBITDA for 9M 2022 stood at a loss of $64.58 million.</p>
<p>ESS commenced shipping their second-generation Energy Warehouses in the third quarter of 2021 and received final customer acceptance for the initial units shipped during the second quarter of 2022. It began installing its fully automated manufacturing line in the third quarter, which is expected to be operational before year-end, and increased its annual production capacity to over 750 MW.</p>
<p>The company said it is seeing accelerating customer demand. It has announced a deal with the Sacramento Municipal Utility District to supply up to 2 GWh of long-duration energy storage over the next five years to support its 2030 Zero Carbon Plan.</p>
<p>In Q2 2022, the company <a href="https://mercomindia.com/ess-tech-posts-rise-revenue-q2-2022/" target="_blank" rel="noopener">posted</a> revenue of $686,000 compared to zero revenue generation for the same period in 2021.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2022-funding-ma-report-storage-grid-efficiency" target="_blank" rel="noopener">9M and Q3 2022 Funding and M&amp;A Report for Storage, Grid, and Efficiency</a>, global corporate funding for energy storage, smart grid, and energy efficiency companies in the first nine months (9M) of 2022 increased to $25 billion compared to $15.1 billion raised in 9M 2021, a 66% increase year-over-year (YoY).</p>


ess-tech

Get the most relevant India solar and clean energy news.

RECENT POSTS