Energy storage used to be the cute companion nipping at the heels of solar and wind. Now it’s increasingly a main attraction, reshaping both the power grid and the automotive industry, and 2024 was easily the sector’s biggest year yet.

The oft-cited constraints on batteries — manufacturing bottlenecks, mineral scarcity, fire risk — simply didn’t hinder battery deployments this year. Instead, excess manufacturing capacity and plunging prices for key metals pushed battery prices to record lows.

States with ample battery storage put it to good use, enriching developers while lowering costs for consumers. California, still leading in total installed capacity, passed the symbolic milestone of 10 gigawatts, but Texas stole the show by becoming the fastest-growing, most dynamic market for grid storage. In both places, when extreme weather events hit, batteries were able to shore up the grid and lower energy costs for customers.

But it wasn’t all sunshine and roses for battery storage in 2024. Efforts by Western governments to localize the supply chain hit turbulence. Major American and European battery contenders ran out of cash, and others dialed back their ambitions. Similarly, the battery recycling sector, which promised big breakthroughs for a circular battery economy, struggled to get past the first step of dismantling and shredding old battery packs.

Here are Canary Media’s top five takeaways from a topsy-turvy year in energy storage.

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