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Navigant Research has published a new report discussing how energy storage value-added services (VASs) have evolved and contributed to the growth of the energy storage market and towards the reduced customer risks.

VASs enable energy storage projects to be bankable as consumers and investors are generally unfamiliar with the technology.

According to the study, VASs remain an important component of new energy storage projects and present opportunities for innovative companies to establish a leadership position.

In order to stay competitive, Navigant Research recommends energy storage system providers to continue to innovate on their existing VASs and maintain flexibility in their offerings to design a VAS programme to suit the needs of their customers.

Vendors of emerging technology (such as flow batteries) need to offer VASs that can reduce the perceived risk to customers by taking on the performance risk themselves.

Alex Eller, senior research analyst at Navigant Research, said: “VASs include operations and maintenance (O&M), warranties, and performance guarantees, which are collectively fundamental components of any project proposal.

“Energy storage VASs have played a fundamental role in the growth of the energy storage industry over the past decade and will remain an important component of new projects.”

For more information about the report, visit Energy Storage Value-Added Services Reduce Risk and Unlock Growth Opportunities.