Department Of Energy Awards Xcel Energy Up To $70M For Long Duration Energy Storage
Portfolio Pulse from Benzinga Newsdesk
Xcel Energy has been awarded a grant of up to $70 million from the U.S. Department of Energy (DOE) to partially fund two long duration energy storage systems in Minnesota and Colorado. The systems will be 10 megawatt/1,000 megawatt-hour iron-air batteries developed by Form Energy. The batteries will be located at the sites of two retiring Xcel Energy coal plants. The systems will allow Xcel Energy to store renewable energy such as solar and wind and distribute it during periods of lower renewable production.
September 22, 2023 | 2:46 pm
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Xcel Energy's grant from the DOE will partially fund two long duration energy storage systems, enhancing its renewable energy storage capabilities. This could potentially increase the company's reliability and access to low-cost renewable energy.
The grant from the DOE will allow Xcel Energy to invest in long duration energy storage systems, which will enhance its ability to store renewable energy. This could potentially increase the company's reliability and access to low-cost renewable energy, which could have a positive impact on its stock price in the short term.
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