Big Battery Developers Take a Hit As Shutdowns Drag On
- Projects put on ice as virus disrupts financing and permits
- Market for home-based batteries may take the biggest hit
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The fast-growing market for batteries to power buildings or the electric grid has been clipped by the coronavirus.
Nearly two-thirds of industry participants surveyed by the U.S. Energy Storage Association say they expect a drop in revenue in excess of 20% as states shutter huge swaths of their economies to slow the virus’s spread. The decline stems from customer delays or cancellations, challenges in obtaining parts and delays for permits and approvals.