Battery storage firm secures £28.5m of Santander funding
Jan 12, 2018Jonny BairstowLow Carbon, Markets & Finance 0
Image: Tupungato/Thinkstock
A battery storage and energy flexibility provider has secured £28.5 million in funding from Santander.
London-based Battery Energy Storage Solutions (BESS) aims to use the funding to build and operate a 100MW portfolio of grid-scale battery storage assets by the end of 2018.
As of the end of 2017, the company owned and operated a 14MW portfolio of grid scale batteries either co-located with solar sites or connected directly into the distribution grid.
A further 49MW of grid connected batteries will be connected and operating by the end of January, bringing the total portfolio to 63M across eight sites.
Nicholas Beatty, Co-founder of Battery Energy Storage Solutions said: “The pace of transition to a low carbon power system brings with it challenges for the National Grid in balancing the network and ensuring supply and demand is matched on a second by second basis.
“Such balancing of supply and demand only being possible by the introduction of new technologies like battery storage.”