UK battery storage developer, Eelpower Limited, has secured £20 million ($28.5 million) in financing from Gravis Capital Management to aid in the development of Eelpower’s pipeline of permitted storage sites and enable the company to pursue new development opportunities.
Courtesy of Eelpower
The financing agreement is being made through the GCP Asset Backed Income Fund, an investment company advised by Gravis.
Gravis’ decision to support Eelpower follows the November 2017 commissioning of Eelpower’s 10MW Leverton battery storage facility near Lincoln and the announcement in March that the company had co-located battery units at two low-head river hydro schemes in Yorkshire that are owned and operated by its sister company, Barn Energy. It is the first time in the UK that battery storage has been deployed alongside a river hydro scheme.
The Leverton storage facility was Eelpower’s first storage project to be commissioned in the UK; the company secured a Firm Frequency Response contract from National Grid in October 2017 and had already entered into a fifteen-year T-4 Capacity Market contract starting in October 2020.
Philip Kent of Gravis said, “We are delighted to have completed the financing arrangement with Eelpower to enable the company to continue to develop its pipeline.”