Gresham House Energy Storage Fund, the UK鈥檚 largest operational utility-scale battery storage fund, has leased 14 large-scale batteries to electricity provider Octopus Energy.
Gresham House Energy Storage Fund, which owns about 20% of the UK battery storage market, has agreed for around 50% of its batteries to be connected to Octopus Energy鈥檚 technology platform Kraken.
Kraken will charge the batteries when renewable energy is abundant and discharge them when the national grid is under stress. The 14 batteries being leased can store more than 900MWh of renewable energy 鈥� enough to power 1m homes for an hour.
Ben Guest, fund manager of Gresham House Energy Storage Fund and MD of Gresham House New Energy, said: 鈥淭hese new contracts with Octopus Energy secure revenues which are above those currently being achieved in the national market, demonstrating the value batteries can provide in balancing supply and demand for retail and wholesale market players.鈥�
Kieron Stopforth, head of flexibility at Octopus Energy, said: 鈥淓very year, the UK loses hundreds of gigawatt-hours of clean energy because our system isn鈥檛 flexible enough to keep it 鈥� plus have to pay for this senseless waste.
鈥淏atteries unlock the clean and cheap energy system, storing green energy when it鈥檚 plentiful and providing it back to the grid when energy is expensive 鈥� and work even better with brilliant tech to manage that optimisation.
鈥淭hrough this landmark deal with Gresham House Energy Storage Fund, we鈥檙e not only increasing the size of our virtual power plant to over 1.5GW, we鈥檙e also unlocking the power of flexibility, aiming to drive down grid costs.鈥�
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