EV battery manufacturers seen moving into BESS market.
5-Feb-25, Best Magazine
The slowdown in the electric vehicles (EVs) market is leading EV battery manufacturers into the market for battery energy storage systems (BESS). The energy storage business has started to take off only in the last year and comes on the back of worse-then-hoped-for EV sales by auto makers.
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Because electric cars are essentially batteries on wheels, battery storage layers are trying to utilise their knowledge and go into a domain where there is a huge amount of excess energy and demand. As there is excess energy in the grid, there is demand for storage.
AI company Monolith, which helps battery makers test their products, is expecting the BESS market to grow exponentially to approximately half the size of the automotive battery market in the near future.