UK battery storage developer Eelpower has secured new financing of £20 million to develop storage sites. The company said it had sites already permitted and would add others to the pipeline.
The debt funding comes from the GCP Asset Backed Income Fund, an investment company advised by Gravis. Mark Simon, chief executive of Eelpower, said: “The Gravis investment in Eelpower’s battery storage business underlines the scale and investment strength of our current portfolio, and the growth potential of Eelpower and indeed the battery storage market in the UK.”
In November 2017 Eelpower completed its first project: a 10MW battery storage facility at Leverton near Lincoln. It had a Firm Frequency Response contract from National Grid (secured in October 2017) and a fifteen-year T-4 Capacity Market contract starting in October 2020. In March announced that it had located battery units at two low-head river hydro schemes in Yorkshire that are owned and operated by its sister company, Barn Energy.