Tesla has secured approval from Chinese authorities for its plan to build a massive battery factory in Shanghai. The American electric vehicle manufacturer signed an agreement to acquire land in the outskirts of Shanghai for the facility, which will focus exclusively on producing "Megapacks"—large-capacity batteries housed in containers designed for energy storage to stabilize power grids. Construction is set to commence in early 2024, with operations starting by the end of the next year. The factory aims to achieve an annual production capacity of 10,000 Megapacks.

With a technology based on gravity and concrete, Energy Vault aims to store renewable energy more efficiently.

The installed capacity of large-scale battery storage could increase by a factor of 40 by 2030, according to a study by the consulting firm Frontier Economics.