– Not everyone has space for rooftop solar, but everyone can benefit from time-of-use tariffs by charging batteries during off-peak times.
– The company manufactures battery storage solutions in China and sells in the UK market, with a flagship product being the All in One 6.0 lithium iron phosphate home battery.
– The home battery market in the UK is growing, with a 700% increase in installations in March 2024, and a VAT exemption on domestic batteries implemented in February 2024 to boost energy storage uptake.
GivEnergy, a company manufacturing battery storage solutions in China, is seeing growth in the UK market due to the shift towards time-of-use tariffs and the phase out of feed-in-tariffs for solar PV systems. The company’s flagship product, the All in One 6.0, is popular in the residential and commercial markets. The UK government’s decision to exempt domestic batteries from VAT is expected to further boost energy storage take-up and encourage the adoption of sustainable technologies. GivEnergy, with a 35% share of the UK home battery market, is working with social housing providers to make battery storage more affordable for low-income households through financing and leasing options.
The company sees a growing demand for battery storage in new builds as more properties are being electrified. Smaller batteries, like the 2.6kWh unit, can be installed in flats with the right process. The prices of lithium-ion batteries globally are falling, which may lead to more competitive pricing for consumers. GivEnergy plans to onshore its supply chain in the UK and hopes to bring home battery manufacturing to the UK in the next three years. However, challenges around access to the right land ahead of developers remain. Despite this, the company is optimistic about the future growth of the energy storage industry in the UK.