Batteries get the hype, but pumped hydro has long been the energy storage workhorse.
The investment comes as the company aims to raise a "significant" amount of funding.
The report by Lawrence Berkeley National Laboratory discusses investment needed for India to meet its clean energy targets by 2030.
Two facilities with a combined capacity of 400 MW/800 MWh of battery storage and 600 MW of solar power generation will be built in Caldwell County beginning in Spring 2022
According to the latest outlook from Bloomberg New Energy Finance (BNEF), energy storage installations will reach a cumulative 358 gigawatts/1,028 gigawatt-hours by the end of 2030, more than twenty times larger than the 17 gigawatts/34 gigawatt-hours online at the end of 2020.
An extreme winter storm that left millions of Texans without power in February highlighted the rapid need for more battery storage to support the state's grid.