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CubeSats and small satellite solutions are increasing in popularity as they enable a fast, cheap, and agile way for satellite applications. An essential component of nearly every satellite is the energy storage device, which is practically equal to a battery. Consequently, an overview of past, present, and future battery technologies for CubeSats is presented. CubeSats use typically commercial off-the-shelf (COTS) batteries. They are not primarily dedicated to space, so their suitability to the space environment needs to be evaluated. Batteries are also considered as potentially dangerous goods. Thus, there are guidelines and standards that specify safety criteria and tests for the batteries in order to be allowed for transportation and launch. Furthermore, the character of satellites’ missions determines their demand on batteries in terms of current rates, depth-of-discharge, and lifetime. Thus, these expectations are discussed. A market survey was also carried out to identify currently available commercial battery solutions and their parameters. This work summarizes the status, requirements, and the market situation of batteries for CubeSats.