Big batteries' coming of age prompts bankers to place their bets

New York

THE idea that giant batteries may someday revolutionise electrical grids has long enthralled clean-power advocates and environmentalists. Now it's attracting bankers with the money to make it happen.

Lenders including Investec plc, Mitsubishi UFJ Financial Group Inc and Prudential Financial Inc are looking to finance large-scale energy-storage projects from California to Germany, marking a coming-of-age moment for the fledgling industry. The systems help utilities solve a long-standing clean-power conundrum: managing the unpredictable output from wind and solar farms, and retaining electricity until it's needed.