Header image courtesy of Tesla
Hungary has been approved to benefit from a €1.1 billion (US$1.2 billion) EU scheme for financing large-scale energy storage projects, as Energy Storage News reports.
The central European country targets not less than 800 MW/1,600 MWh of energy storage capacity with the funding. The installations will store renewable energy, making it easier to integrate into Hungary’s electricity system.
The fund will be accessible to companies in Hungary’s energy sector, except financial institutions. Developers can also use the fund to finance projects outside Hungary, provided they can transmit the power across the border into Hungary.
Hungary will disburse the fund to all kinds of battery technology. However, lithium-ion remains the most popular battery chemistry.
Successful developers will pass through a competitive process, which will be concluded before the end of 2025. The projects must be completed and brought online within three years of signing the contract.
The EU fund will come partly from Hungary’s Recovery and Resilience Facility share and a Modernization Fund. Other European countries that have accessed EU funding include Greece, Estonia, Croatia, Finland, and Slovenia.
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