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Top 10 Growth Opportunities
in Battery Energy Storage

Systems, 2024
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Indian School of Business
Energy Ecosystem Participants
to Benefit from Ultra-fast-
growing BESS Market
Global Energy & Environment Research

Team at Frost & Sullivan
K9BF-27
January 2024
2
Contents
Section Slide Number

Top Growth Opportunities for 2024 3
 Strategic Imperatives 4
 Top 10 Growth Opportunities 5
 Growth Opportunity 1: Merchant Batteries 6
 Growth Opportunity 2: Mid-scale Utility Energy Storage to Leapfrog Connection Queues 7

Growth Opportunity 3: Investing in the Basics 8



 Growth Opportunity 4: AI-powered Software to Optimize Battery Dispatch (and Increase
9
Margins)
 Growth Opportunity 5: Battery Health as an Area for Differentiation 10
 Growth Opportunity 6: Virtual Power Plants 11
 Growth Opportunity 7: Japan’s Frequency Market 12
 Growth Opportunity 8: Stationary Batteries to Support Electric Transportation 13
 Growth Opportunity 9: Batteries as a Financial Asset 14
 Growth Opportunity 10: American Municipalities Utilities and Electric Cooperatives 15
 Next Steps 16
 Legal Disclaimer 17
Author: Maria Benintende
Top 10 Growth Opportunities in Battery Energy Storage Systems, 2024 K9BF-27 2

Top Growth Opportunities
for 2024

Strategic Imperatives
• The battery energy storage system (BESS) is a super-high growth market. The ongoing clean energy transition
driving intermittent wind and solar capacity and the retirement of fossil-fuel-based generation plants requires
critical services to balance the electricity system. BESSs have emerged as the most effective solution for this
purpose. Estimated at $21.3 billion in 2023, the BESS market is set to more than triple to $72.0 billion by 2030,
scaling from a global annual capacity of 22.4 GW/51.3 GWh to reach 104.2 GW/301.0 GWh at the end of the
decade.
• The fast growth in related clean energy industries, especially electric mobility and renewable energy (RE), and
geopolitical chaos have brought considerable challenges for BESS projects and their supply chains. Constraints

around providing critical minerals and materials, higher inflation rates, and delayed siting and permitting processes

pressure battery system prices and schedules. However, the market is resilient, accelerated by unprecedentedly

supportive policies and regulations, and continues to surpass growth expectations year after year.
• Geographically speaking, BESS opportunities are forecast to remain uneven and highly concentrated in countries
with supportive policies and advanced market designs. Batteries can participate in 3 domains: wholesale markets,
capacity markets, and ancillary services, in what the industry calls value stacking. Almost 80% of power capacity
additions deployed until 2030 will mainly concentrate in China, the United States, Australia, Germany, India, and
the United Kingdom.
• The fast-growing market expansion brings higher technology sophistication and specialization through the value
chain, as well as diversification of business models and opportunities around BESS.
• Frost & Sullivan’s Growth Accelerators are companies at the forefront of driving growth in their respective
industries. These companies accelerate growth by continuously innovating and creating new technologies,
solutions, platforms, business models, or strategies that serve ever-evolving customer needs. These companies are
also best positioned to expand market growth by strategically broadening and/or enhancing their product portfolio.
Accelerating new growth opportunities is never an easy task. Still, it is one made even more difficult considering
today’s strategic imperatives, from disruptive technologies and value chain compression to industry convergence
and new business models. In this context, recognition as a Growth Accelerator signifies an incredible
accomplishment.

Top 10 Growth Opportunities
1 Merchant Batteries 6 Virtual Power Plants
2 Mid-scale Utility Energy Storage to Leap-

frog Connection Queues 7 Japan’s Frequency Market

3 Investing in the Basics 8 Stationary Batteries to Support Electric
Transportation
4 AI-powered Software to Optimize Battery

Dispatch (and Increase Margins) 9 Batteries as a Financial Asset
5 Batteries’ Health as an Area for

Differentiation 10 American Municipalities Utilities and
Electric Cooperatives

1 Growth Opportunity 1: Merchant Batteries
Strategic Imperatives and Growth Environment Growth Opportunities

Unlike BESSs contracted through auctions or PPAs, which enjoy Companies looking for opportunities to exploit the emergence of
guaranteed revenue during set periods, merchant storage batteries merchant storage to provide hardware, professional services, or
drive their revenues (or most of them) from energy arbitrage. monitoring and optimization software should prioritize electricity
markets that combine the following characteristics:
As the BESS industry matures, more countries allow the
technology to participate in wholesale markets and ancillary • Considerable RE penetration: intermittent RE capacity growth,
services, creating new growth avenues. However, this requires significant intraday energy spreads, and the need for ancillary
advanced capabilities for battery trading and dispatch. services and time-shifting

Revenue maximization for merchant BESS entails strategic siting • Battery market depth: having considerable battery energy

to capture value from grid congestion, participation in day-ahead capacity in the market and healthy growth prospects
and real-time market bids, and quick operational adjustments to
react to unexpected market events. • Market complexity: the amount and type of energy services in
which batteries can participate and how quickly participants are
The use of optimization and bidding software becomes a crucial required to bid and switch bids improves the business case for
element to help in the endeavor. Intermittent wind and solar bring automation
price volatility and uncertainty around when is best to buy or sell,
which markets to participate in, and what product is best to offer: • Business opportunity: whether regulation and grid dynamics
energy or ancillary services. are in place to drive acceptable return on investment (ROI) for
battery storage
Companies to Action Key Markets for Merchant BESS Opportunities, Global, 2023
Stem’s Athena platform helps BESS asset owners and operators UK
seize growing merchant opportunities in the ERCOT market,

maximizing revenues while ensuring batteries stay compliant with United States
• ISO-NE United
warranties. Australia
• NYISO Kingdom
AEMO
Eolian, a Global Infrastructure Partners portfolio company, owns the • PJM National
world’s largest fully merchant battery, with a capacity of 200 • MISO Grid ESO
MW/500 MWh in Texas. • ERCOT
• CAISO

2 Growth Opportunity 2: Mid-scale Utility Energy Storage to
Leapfrog Connection Queues
Until regulators crack the code to streamline renewable and While the ideal size may vary depending on specific market
storage connections to the transmission grids, the interconnection regulations and constraints, in ERCOT, CAISO, the United
process remains a major barrier, affecting battery storage Kingdom, and Ireland, the sweet spot is in projects under 10 MW
development and the energy transition. or 5 MW in the case of highly constrained areas.
Investing in smaller battery systems, known as distributed front- Successful developers opting for this strategy leverage AI-
of-the-meter, remains an appealing option to avoid (long) powered software to cherry-pick sites with grid availability and
connection queues and get faster regulatory clearance so that maximum volatility and standardized designs to reduce costs and

battery projects can be completed within a year or two. Smaller shorten deployment times.
projects benefit from simplified permits and a faster grid

interconnection process, given that they typically do not require Battery placement at end-user C&I sites can be an attractive
grid or substation upgrades. alternative to distributed front-of-the-meter. Suppliers can sign
PPAs with these end users to offer energy-as-a-service solutions
and increase their revenue through participation in demand
response programs, as well as wholesale, capacity, and ancillary
services markets.
Companies to Action
• Grid Beyond drives value to C&I businesses by optimizing demand-side assets with AI-powered optimization platforms. To deliver 100
RE power-matching, the company manages third-party batteries and invests in its storage assets. Its sweet spot in the United Kingdom
is small-scale BESS projects below the 10 MW range, which can be rapidly deployed using a standardized design.
• US-based developer Agilitas Energy invests in numerous small, distributed front-of-the-meter BESS projects to minimize downside
risks and ensure faster deployment times.

3 Growth Opportunity 3: Investing in the Basics

The massive amount of battery capacity needed to support the To capitalize on the full spectrum of the BESS revolution,
energy transition demands a considerable ramp-up in mining and companies must look to invest across the value chain, including the
processing facilities to obtain critical materials such as lithium, early stages of battery manufacturing.
graphite, nickel, cobalt, and copper.
Automakers, energy companies, battery manufacturers, and
Besides scaling up the upstream and midstream portion of the integrators can benefit from it to: a) develop strategic partnerships,
batteries supply chain, there is an imperative need for geographic b) secure supply, and c) capture margins across the value chain.
diversification, as China dominates most of the raw material
Companies should avoid high-risk projects and opt for those that

supply, material processing, and anode, cathode, separators, and
electrolytes production. have secured permits and enjoy community support to avoid

lengthy timelines. The investment should focus on mining and
While much of the energy media attention covers the latest giga- processing projects in the United States, Canada, Australia, and
factories announcements, considerable return opportunities can Latin America.
also be obtained by investing further upstream.
Ventures should be validated by an interdisciplinary technical
Spurred by the growth momentum for clean energy deployment team of geologists, metallurgists, chemists, and legal and
and supporting policies to ensure adequate and sustainable community management experts. Also, it is important to assess
mineral supplies, in 2024, more investors, energy companies, and opportunities to leverage governmental stimulus programs. For
battery manufacturers are expected to invest in the early stages of instance, the Inflation Reduction Act includes incentives for
the value chain. sourcing critical minerals in the United States or countries with
which it has free trade agreements.
Companies to Action
• Kinterra Capital is a new investment firm focused on strategic infrastructure for the energy transition. In November 2023, it closed its
first critical minerals fund with $565 million of committed capital.
• CATL, a leading battery supplier, invests in critical mineral assets as a central element of its growth strategy.
• Exxon Mobil Corporation aims to become a major lithium producer. The company acquired its first rights to mine lithium formations in
Arkansas and will leverage its oil and gas drilling expertise to access lithium-rich saltwater from underground reservoirs.

4 Growth Opportunity 4: AI-powered Software to Optimize
Battery Dispatch (and Increase Margins)
BESS integration offers significant potential for long-term growth Besides integrators, pure software vendors with energy trading
due to the fundamental market drivers. However, low margins backgrounds and large asset owners dominate the battery
concern packers and integrators, which also see increasing optimization and trading software industry.
competition from cell manufacturers' vertical integration.
Market participants leverage AI and ML to support forecasting and
Many integrators are moving their business focus to the software + optimization in combination with experts’ insights. While some
services space, given that it provides a recurrent revenue stream companies opt for SaaS delivery models, others stick to asset
with higher gross margins and up/cross-sell opportunities. As management contracts combining software with human

electricity markets increase in complexity, so do the opportunities proficiency.
for batteries to display their wide set of attributes and the need for

advanced software to co-optimize them. AI-based software Given the expected increase in BESS and evolving energy industry
platforms are rapidly becoming a crucial component of BES regulations, there is ample room for market share growth.
systems—BTM and FTM—and a growing revenue area.
Companies must continue fine-tuning forecasts, increasing
While some large asset owners opt to develop their own trading automation and integration levels, and deploying aggressive
and optimization platforms, that is not the norm for the industry. marketing, partnering, and brand recognition strategies to attain
As electricity markets get more complex and deeper in terms of market leadership and stave off consolidation.
opportunities for BESS services, advanced optimization software
and services will become a must-have for virtually all assets.
Companies to Action
• Tesla’s energy hardware is supported by a vast software offering. The industry widely uses its Autobbider trading and control platform
to autonomously monetize batteries across markets.
• Fluence’s Mosaic automated bidding software optimizes RE generation and storage assets, securing over 10% increased revenue
compared to manual bidding.
• Wärtsilä’s GEMS IntelliBidder, part of the GEMS Digital Energy platform, combines machine learning, algorithms, and forecasts for
real-time trading and optimization of hybrid power plants and microgrids.

5 Growth Opportunity 5: Battery Health as an Area for
Differentiation
Ensuring battery health and safety has become critical for the The interest in battery health goes beyond monitoring and
industry not only to avoid fires and negative publicity, but also to predictive maintenance and is rapidly becoming an area of
guarantee availability and maximize profit margins for asset differentiation as it is applied to other adjacent solutions. Two
owners. The industry is rapidly embracing battery health and areas that can enormously benefit from advanced battery health
monitoring solutions that combine AI, field data, and modeling to monitoring are second-life reuse and optimization software.
identify irregular battery behavior at the cell level. Measuring the remaining capacity and state of health of used EV
batteries so they might be repurposed for secondary use and
By pairing newer monitoring techniques such as the Inline Rapid effectively valued, insured, and monetized to serve different

Impedance Spectroscopy (iRIS) with machine learning algorithms, applications.
scientists can draw out subtle correlations from large battery

datasets, helping companies predict with higher accuracy the For battery optimizers, prioritizing the maximization of merchant
battery’s health, resistance, and useful lifespan. By incorporating revenue can result in battery charging and discharging operations
these solutions into their software platforms, integrators can that reduce the useful life of the system. Understanding the impact
upscale their BESS monitoring solutions and provide customers of heavy trading and translating it into money value allows
with better insights and greater value. optimizers to uncover the actual cost of cycling and factor in it for
more effective trading strategies.
BESS Health Differentiation Opportunities Across the Value Chain
Cell Operations and Battery Trading
Module Assembly Commissioning Augmentation Decommissioning Second Life
Manufacturing Maintenance and Optimization
Cell Quality Battery Test and Digital Remote Battery Cycling Cost Remaining Second Use
Control and Measurement Commissioning Monitoring, Analysis, Capacity Assessment
Defect Detection Battery Safety, Warranty Estimation
and Reliability, Management
Companies to Action Failure Analysis
• Dynexus Technology provides an iRIS-based solution to assess battery performance in the field, helping operators understand and
manage their energy storage assets.
• Twaice is a leading player in BESS health analytics. The company’s insights help asset owners optimize the degradation curve and
maximize margins, and integrators enhance their offerings, outperforming peers.

6 Growth Opportunity 6: Virtual Power Plants

The massive adoption of residential and C&I BESS on the one Following the example of Sonnen and Tesla, residential and C&I
hand, and the proliferation and maturity of distributed energy battery suppliers should consider including VPP software
management systems (DERMS) and virtual power plants (VPP) platforms as part of their offering to provide greater value for:
software platforms on the other, increasingly attract DSO,
energy retailers, utilities, and other market participants to control • Solar PV owners, as being part of a VPP, may improve the
BESS for grid services or maximize revenue. economics of investing in batteries and make them feel they are
part of a larger cause, enabling the clean transition
Year after year, the industry has witnessed an increase in pilots
Power retailers and integrated utilities to expand their range of

and commercially available VPP, especially in Australia and •
California. While revenues remain thin for customers and services by allowing BESS owners to enroll in their VPPs and

aggregators, VPPs are a fundamental building block of the future use the capacity for grid balancing purposes or to trade
energy mix, and given the long list of services batteries can imbalances in other markets
provide, they are an ideal asset to participate in them.
Customer engagement and user interface are critical pieces in a
As market regulation evolves to recognize the many roles that VPP solution. Leading meter-to-cash providers offer modules that
batteries can play, so will the number of future revenue streams, fully integrate the distributed energy management ecosystem with
improving the economics of VPPs. The growth of electric mobility utilities and retailers’ CRMs.
will likely boost the attractiveness of VPPs further, as EV
batteries, being 6 to 10 times larger than BESS, unlock greater
BTM capacity.
Companies to Action
• Lastbulb’s interactive charts track Tesla’s VPPs with SoCal Edison and PG&E in California. In July 2023, the VPP program surpassed
7,700 batteries.
• KrakenFlex is a powerful platform that enables utilities, traders, generators, and network operators to control and optimize distributed
batteries based on physical and financial variables.
• Elisa, the Finnish telco, has successfully deployed a VPP solution to efficiently manage the charging and discharging of its Radio
Access Network's battery systems. The case constitutes a remarkable example of how mobile network operators can leverage BESS to
obtain financial and operational gains.

7 Growth Opportunity 7: Japan’s Frequency Market

Japan is one of the largest distributed energy markets in the world. If Japan’s frequency response prices prove attractive, both the DSR
The main market opportunities for BESS are in the residential and BESS markets are forecast to gain speed this year.
sector. The ongoing rollback of the feed-in-tariff scheme for
rooftop PV and its replacement with a feed-in-premium, subsidies Besides BESS and integration services, the country will need
for home storage, and the power retail deregulation are driving energy management and optimization services to aggregate,
self-consumption with batteries. control, and optimize the batteries.
However, prospects for larger BESS are expected to improve with Japan is known for having a conservative business environment,
and its cleantech markets (solar, batteries, and EV) have been

the Japanese frequency response market becoming available in
2024. This will represent a strong stimulus for battery developing slower overall than other developed nations with high

development, as it will complement energy arbitrage, adding a decarbonization ambitions, such as the United States, the United
new revenue stream to make grid-scale batteries viable. Kingdom, and Australia. To enter the Japanese market, BESS
solution providers should first consider partnering with Japanese
Due to highly volatile intraday prices and the uncertain future of developers, EPCs, investors, and technology providers with
ancillary service prices, only market participants with sufficient businesses worldwide and pursuing international ventures
funding are willing to take the risk and invest in frequency together. This can help establish trust and build a partnership,
response technology. Being an island nation with limited which can be leveraged to facilitate entry into the Japanese
interconnection and possibilities to balance the intermittency of market.
increasing RE penetration, Japan will likely follow the same path
as the United Kingdom, Australia, and Ireland, where BESS
opportunities are thriving.
Companies to Action
• Gore Street Capital and Japanese conglomerate Itochu have opened the first BESS-dedicated fund under a public-private partnership
with the Tokyo Metropolitan Government.
• Hitachi Energy and TMEIC plan to leverage their extensive footprint in overseas countries to become major grid-scale BESS providers
in Japan.
• Gurin Energy, a leading pan-Asian renewable energy developer, plans to build one of the world’s largest BESS in Japan with a capacity
of 500 MW/2,000 MWh.

8 Growth Opportunity 8: Stationary Batteries to Support
Electric Transportation
High EV growth rates are translating rapidly into demand for Businesses adding public EV fast charging to their properties need
public fast-charging infrastructure. One of the biggest pain points full turnkey solutions encompassing site selection and
to developing fast-charging infrastructure is the cost and lead deployment, energy and payment management software,
times of updating the grid and electrical installations to cope with operations, maintenance, and augmentation services.
higher power demand.
The combination of high-power BESS and advanced energy
management software provides an excellent opportunity for
Stationary batteries play an important role in supporting fast-
suppliers to differentiate by using grid power more wisely and
charging infrastructure, especially in grid-limited locations across

avoid demand charges and higher time-of-use rates. Load
convenience stores, gas stations, and quick-service restaurants.
management and load predictive algorithms keep load factors

Using advanced, real-time power controllers, batteries constitute a
down by spreading loads throughout the day and reducing peak
buffer to charge cars fast and reliably without impacting grid
power requirements.
stability or causing a peak in demand. Moreover, their use allows for
much faster charging infrastructure deployment, avoiding Ideally, energy management software systems should also
transformer lead times and grid upgrades that take years. support other use cases for batteries, such as power backup, RE
use maximization, and participation in demand response programs.
However, road transportation is not the only means driving
demand from batteries. The paradigm shift to electric To address charging station reliability challenges, solutions should
transportation is also prompting airports, ports, and harbors to incorporate edge software for real-time monitoring and self-
embrace BESS to charge vessels and auxiliary equipment, healing functions that can overcome power electronics failures and
becoming another growing industry niche. alert technicians in case of hardware issues.
Companies to Action
• Electric Era, founded by a group of former SpaceX engineers, develops EV fast-charging infrastructure solutions with one of the lowest
total costs in its product category and deployment times of about 6 months. Unlike competing offerings that add batteries in series to
the charger, the solution stacks battery power to the grid’s power in an AC microgrid scheme, avoiding CAPEX for grid upgrades and
OPEX for demand charges.
• Siemens Energy provides one of the most comprehensive portfolios for maritime electrification. The company provides its own marine
BESS and battery-backed charging infrastructure on both shores.

9 Growth Opportunity 9: Batteries as a Financial Asset

Known as the Swiss Army knife, given its ability to cater to Given BESS’s versatility, it is vital for investors to look at experienced
different applications, BESS means different things depending on infrastructure asset management groups to trust their capital.
the type of owner. System operators regard them as a powerful Like with renewables, CAPEX is the most important factor to
grid-balancing asset; integrated utilities, cooperatives, and guarantee return on equity (ROE). Best-in-class asset management
municipalities consider them enablers to advance RE penetration; groups have long-term commercial agreements with Tier 1 battery
while large industries rely on the technology for reliable manufacturers and integrators to guarantee reliable battery supply,
operations and decarbonization. However, for the financial the best price, and the best services. This approach translates into
community, BESS is popular as an attractive, long-term investment lower prices than peers with high quality and excellent safety

records.
asset. In fact, a significant part of BESS industry development has

Another critical factor to consider is human capital. The most

been driven by financial entrepreneurs who saw in the technology
the opportunity to drive earnings. successful asset management firms have experienced teams of
professionals combining engineers, project management, regulation,
However, investing in batteries is more challenging than in other commercial, and financial experts to minimize supply, development,
clean technologies or generation assets, given the different construction, and trading risks.
possibilities batteries can make revenue from, which, in most Ideally, investors should prioritize BESS funds with a diversified
advanced electricity markets, can be summarized in capacity portfolio of assets in terms of the number of electricity systems they
contracts, ancillary services, and wholesale energy trading. are in and the type of contracts. Diversification coupled with internal
and experienced commercial groups translates into superior revenue
per MWh.
Finally, successful asset owners use advanced software to monitor
assets, optimize batteries, and automate trading to maximize revenue
from existing operational assets.
Companies to Action
• Gore Street Capital started in 2017 with a 6 MW BESS, and its energy storage fund, GFS, was London’s first listed. Today, it is one of
the world’s largest BESS asset owners, managing a portfolio of over 1 GW of BESS in GB, Ireland, Germany, and the United States.
• Quinbrook Infrastructure Partners’ portfolio of managed assets includes leading battery developers, optimizers, and utility-scale
storage projects in the UK, the United States, and Australia.
• Modo Energy has a leading revenue benchmarking tool for the BESS market in GB to support decision-making for assets.

10 Growth Opportunity 10: American Municipalities Utilities
and Electric Cooperatives
During 2023, the US energy market witnessed an explosive EPC companies, system integrators, and service and optimization
growth in demand from BESS projects from community choice software providers should target US municipalities and
aggregations (CCAs), municipalities, and cooperatives. Increasing cooperatives and develop specific channels and services for them.
shares of renewables, mainly solar-PV, combined with energy
storage, provide the energy resilience and independence their Given the lack of internal know-how and resources, turnkey
systems need. solutions are preferred, including design, BESS hardware, and
software provision and operation.
Besides declining technology costs and the need to balance loads
Interest in the BESS project goes beyond lithium-ion, opening

and integrate renewable resources to advance energy
decarbonization, demand is propelled by the Direct Pay Provision opportunities for flow battery suppliers. Many electric cooperatives

established in the IRA, the United States’ biggest legislative action are involved in long-duration pilots and projects, some of which
on climate. Tax-exempt and government entities are entitled to are supported by the Department of Energy.
receive a payment equal to the full value of tax credits for building
qualifying clean energy projects, which includes BESS.
These factors will lead more electric cooperatives and

municipalities to advance their BESS plans to seize the
outstanding IRA’s federal financing opportunities and improve
their energy infrastructure with cheaper, cleaner, and more reliable
power.
Companies to Action
• Stem’s projections indicate that electric cooperatives and municipalities will account for over 20% of BESS’s new capacity in the
coming year. The company has a robust track record of providing full services to electric cooperatives.
• Ameresco was chosen by Colorado electric cooperative United Power to install 78.3MW/313.34MWh of BESS across several
substation sites of the cooperative.
• Sacramento Municipal Utility District (SMUD) rolled out the first 3 MWh of its 200 MW/2 GWh iron flow long duration storage
system contracted to ESS Inc.

Next Steps
SCHEDULE A COMPLIMENTARY DISCUSSION

WITH OUR INDUSTRY EXPERTS
https://hub.frost.com/gsd/
Recommended Reading:
Battery Energy Storage Growth Opportunities
Global Stationary Flow Battery Growth Opportunities

Global Lithium-ion Battery Materials Growth Opportunities

Global Stationary Lithium-ion & Lead Acid Battery Growth Opportunities
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Top 10 Growth Opportunities

in Battery Energy Storage

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Global Energy & Environment Research

Section Slide Number

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Indian School of Business

Author: Maria Benintende

Top 10 Growth Opportunities in Battery Energy Storage Systems, 2024 K9BF-27 2

Top 10 Growth Opportunities in Battery Energy Storage Systems, 2024 K9BF-27 3

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Indian School of Business

Top 10 Growth Opportunities in Battery Energy Storage Systems, 2024 K9BF-27 4

1 Merchant Batteries 6 Virtual Power Plants

2 Mid-scale Utility Energy Storage to Leap-

Unauthorized Distribution Prohibited

4 AI-powered Software to Optimize Battery

5 Batteries’ Health as an Area for

Top 10 Growth Opportunities in Battery Energy Storage Systems, 2024 K9BF-27 5

Strategic Imperatives and Growth Environment Growth Opportunities

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Stem’s Athena platform helps BESS asset owners and operators UK

seize growing merchant opportunities in the ERCOT market,

Top 10 Growth Opportunities in Battery Energy Storage Systems, 2024 K9BF-27 6

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Strategic Imperatives and Growth Environment Growth Opportunities

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Strategic Imperatives and Growth Environment Growth Opportunities

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These factors will lead more electric cooperatives and

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SCHEDULE A COMPLIMENTARY DISCUSSION

Global Stationary Flow Battery Growth Opportunities

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