Eelpower is pleased to announce that it has closed its most significant funding round to date, securing a multi-asset agreement with SUSI Partners (“SUSI”).
- Joint Venture under which Eelpower and SUSI will construct and operate a pipeline of new build battery storage assets in the UK
- The scale of this Joint Venture and SUSI’s investment will make a significant contribution to meeting the UK’s energy storage needs
- SUSI also purchased 40MW of Eelpower’s existing electricity storage assets, which along with the new assets will continue to be managed by Eelpower
- Eelpower has secured stable returns, through successfully negotiating several long-term agreements with route-to-market utility providers
- The first stage of the JV partnership sees the start of construction in February of a new 50MW battery storage project at Dunsinane, near Dundee, Scotland.
Eelpower CEO, Mark Simon, said: “We are delighted to be working with SUSI Partners in what is their first investment in the UK’s energy storage market.
The establishment of this joint venture comes at an important moment in the development of the UK electricity system. We look forward to working with them and the best route-to-market counterparties as we construct and operate a portfolio of high-performance grid-connected storage assets on our way to building a 1GW electricity storage utility.”
The UK is committed to install a further 40GW offshore wind by 2030, up from a total 10GW today, resulting in a five-fold increase on the current installed capacity of wind power. This will clean up the UK’s energy system, support up to 220,000 British jobs, deliver lower bills for consumers and establish the UK as a low-cost green electricity exporter, in the transition to “net zero”.
This growth in renewables will drive an increase in volatility of price and supply. This will result in grid issues which, with the parallel reduction in thermal capacity, will demand flexible storage at scale to:
- Ramp fast and reliably
- Balance supply and demand in real time
- Cover the intermittency of renewable wind generation, and
- Provide synthetic inertia and other system requirements
while enabling increased UK energy capacity without the introduction of expensive, unpopular, inflexible nuclear power. Eelpower was advised on the transaction by Opus Corporate Finance and Gowlings WLG.