Argonaut Power, Ingenious’ flexible energy platform, and Northumbrian Water are to pilot the use of large scale battery storage the water company’s sites across the North East, Essex and Suffolk.
The batteries are ‘second life’ li-ion units recovered from Renault electric vehicles, with energy storage engineers Connected Energy providing the technology. Strategic advisor Ikigai Capital created a bankable structure for the project.
The three companies will work together to develop the projects, with Argonaut fully funding the investment costs. Argonaut will also manage the operation of the systems and benefit by taking a share of the total income achieved.
An installation and revenue sharing contract is expected to be signed by the end of the year with the batteries in full operation by the autumn of 2019.