July 9, 2020: UK asset management firm Gresham House said on July 3 its Battery Storage Fund had completed the purchase of a 41MW storage facility, bringing its total operational utility-scale battery projects up to a capacity of 215MW.
The operational facility, in the Midlands town of Bloxwich, has been developed by battery software firm Arenko, which has been operating and optimizing the system since it was commissioned in July 2019.
“We see batteries and other flexible assets playing a meaningful role in the energy transition and believe intelligent AI software platforms will be a crucial enabler to unlock value from batteries globally,” said Arenko Group chief executive and founder Rupert Newland.
“Bloxwich is a further step forward in our ambitions to build Great Britain’s essential renewable power storage infrastructure,” said Gresham House Energy Storage Fund chair John Leggate.
“With the operational portfolio now over 200MW for the first time, we continue to make progress executing our 2020 plan.”
On July 7, Gresham House Energy Storage Fund launched a private offer of secured GRID Power Bonds to raise £15 million ($19 million) to buy more battery storage projects.
The money will be used to advance loans to ESS projects or refinance existing loans.