RE+ was held at the Venetian Convention Center in Las Vegas, Nevada, USA from September 11 to 14, 2023. The event brought together tens of thousands of participants from the renewable energy industry and over 1,300 exhibitors, focusing on the latest trends, innovations, and opportunities in solar energy, energy storage, wind energy, electric vehicles, and other related fields. Lithium Valley showcased a variety of integrated energy storage system solutions, covering the entire lifecycle from households to commercial and industrial applications.
Driven by the "Inflation Reduction Act," the clean energy sector in the United States received a $370 billion investment support in 2022. Changes in net metering policies in California and a slowdown in summer demand posed challenges to the solar industry's growth in 2022. Since 2023, the commercial solar energy market has experienced a decline in the second quarter due to project interconnection backlogs and tax policy uncertainties. Nevertheless, rising energy prices in some states are driving demand for commercial solar energy, with an expected 11% growth throughout 2023. The utility-scale and residential solar markets showed strong performance in the second quarter of this year, marking the fastest growth quarter in history.
With the flourishing development of commercial and industrial energy storage, Lithium Valley has increased its research and investment in this field. Mobile energy storage systems play a crucial role in ensuring short-term power supply for critical facilities and applications like peak shaving. Lithium Valley's containerized integrated systems are equipped with intelligent environmental monitoring, environmental regulation, and energy management functions, supporting plug-and-play with the grid. They can be freely configured to provide convenient and efficient grid support and temporary backup power for various commercial, industrial, and public projects.
In the context of home energy storage applications, Lithium Valley also showcased a range of superior products tailored to the North American region for users to choose from. Among them, our 3U rack batteries, high-voltage stacked batteries, and integrated energy storage systems have all passed a series of top industry certifications such as UL1973, UL9540, and UL9540A, offering stable, reliable, and safe energy storage solutions across multiple aspects, including battery components, battery management systems, chargers, and other key components.
Lithium Valley's energy storage solutions focus on addressing backup power, demand response, frequency regulation, grid efficiency improvement, V2G, and other application scenarios. Looking ahead, Lithium Valley will continue to integrate North American market demands, focusing on technological upgrades and innovative system integration to provide customers and the energy storage industry with integrated solutions covering the entire lifecycle.