The UK Department for Energy Security and Net Zero (DESNZ) is providing £30 million (US$37.5 million) in grants for long-duration energy storage (LDES) projects from Synchrostor, Invinity Energy Systems and Cheesecake Energy.
Invinity Energy Systems will deploy a partially grant-funded 7MW/30MWh vanadium redox flow battery (VRFB) system in the UK as the company scales up its project sizes.
UK Infrastructure Bank plans to invest up to £265 million (US$331.45 million) in energy storage development in the UK, in partnership with British Gas owner Centrica Plc.
The decision by the new owners of UK gigafactory startup Britishvolt to pivot its initial focus towards energy storage rather than EVs has pros and cons, a senior industry consultant told Energy-Storage.news
UK utility SSE has put £100 million (US$123 million) into its Coire Glas pumped hydro project in Scotland for pre-construction activities, but said that new policy is needed for it go to final investment decision (FID).
Some 1.9GW of grid-scale battery energy storage was deployed across Europe last year, of which nearly 85% was in UK, Ireland, Germany and France according to research and consultancy LCP Delta.
The European Commission has cleared an investment by Canadian pension fund BCI into Eku Energy, a new utility-scale BESS platform launched by Macquarie last year.
Energy storage funds managed by UK-based Gore Street Capital and Gresham House increased their net asset value (NAV) per share in 2022, but by very different rates.
