RIGA, Nov. 1 (Xinhua) -- Renewable energy company Utilitas Wind on Friday inaugurated the largest battery energy storage system (BESS) in Latvia to date, local media reported. Installed
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Feb 18, 2025 · BESS, or Battery Energy Storage System, is a technology that allows electricity to be stored with the objective of feeding it back into the grid at times of peak demand. The
Nov 2, 2024 · RIGA, Nov. 1 (Xinhua) -- Renewable energy company Utilitas Wind on Friday inaugurated the largest battery energy storage system (BESS) in Latvia to date, local media
ESS Inc is a US-based energy storage company established in 2011 by a team of material science and renewable energy specialists. It took them 8 years to commercialize their first
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On November 1 Latvia’s largest wind energy producer Utilitas Wind opened the first utility-scale battery energy storage battery system in Latvia with a total power of 10 MW and capacity of 20 MWh in Targale, Ventspils region.
Energy company Latvenergo said February 18 it is investing heavily in battery systems with the stated intention of becoming the the Baltic market leader in battery energy storage systems (BESS).
"A growing demand in the energy market for battery energy storage system (BESS) technologies is developing currently, and the trend is expected to remain stable in the future.
Battery systems play a crucial role in balancing the production volumes of Latvenergo and improving the flexibility of consumption. Chief Financial Officer of Latvenergo Guntars Baļčūns: “This investment in battery systems is an important step in the development of our energy sector and long-term sustainability.
The construction of the electricity storage battery system at the Targale wind park is a step towards the development of the frequency market in the region. “Such hybrid parks, combining different forms of renewable energy generation, will become common practice in the future, ensuring a stable, minimally weather-dependent energy supply.
I am pleased that the bar has been set high for developers of new wind farms, which also plays an important role in the context of Latvia’s energy security,” said Climate and Energy Minister of Latvia, Kaspars Melnis. Given the total investment in the project, the OP Corporate Bank provided loan financing.
The global industrial and commercial energy storage market is experiencing explosive growth, with demand increasing by over 250% in the past two years. Containerized energy storage solutions now account for approximately 45% of all new commercial and industrial storage deployments worldwide. North America leads with 42% market share, driven by corporate sustainability initiatives and tax incentives that reduce total project costs by 18-28%. Europe follows closely with 35% market share, where standardized industrial storage designs have cut installation timelines by 65% compared to traditional built-in-place systems. Asia-Pacific represents the fastest-growing region at 50% CAGR, with manufacturing scale reducing system prices by 20% annually. Emerging markets in Africa and Latin America are adopting industrial storage solutions for peak shaving and backup power, with typical payback periods of 2-4 years. Major commercial projects now deploy clusters of 15+ systems creating storage networks with 80+MWh capacity at costs below $270/kWh for large-scale industrial applications.
Technological advancements are dramatically improving industrial energy storage performance while reducing costs. Next-generation battery management systems maintain optimal operating conditions with 45% less energy consumption, extending battery lifespan to 20+ years. Standardized plug-and-play designs have reduced installation costs from $85/kWh to $40/kWh since 2023. Smart integration features now allow multiple industrial systems to operate as coordinated energy networks, increasing cost savings by 30% through peak shaving and demand charge management. Safety innovations including multi-stage fire suppression and thermal runaway prevention systems have reduced insurance premiums by 35% for industrial storage projects. New modular designs enable capacity expansion through simple system additions at just $200/kWh for incremental capacity. These innovations have improved ROI significantly, with commercial and industrial projects typically achieving payback in 3-5 years depending on local electricity rates and incentive programs. Recent pricing trends show standard industrial systems (1-2MWh) starting at $330,000 and large-scale systems (3-6MWh) from $600,000, with volume discounts available for enterprise orders.