UK investment fund Gresham House pens optimisation deal for 74MW of storage

By Alice Grundy
Share on linkedin
LinkedIn
Share on twitter
Twitter
Share on reddit
Reddit
Share on facebook
Facebook
Share on email
Email
Gresham House’s recently-acquired 49MW Red Scar battery is to be optimised against the wholesale markets. Image: Gresham House

UK-based Gresham House Energy Storage Fund has sealed the deal on its latest battery optimisation agreement.

Battery asset optimisation firm Habitat Energy is to optimise 74MW of Gresham’s assets through its PowerIQ platform.

The three assets are to be optimised across the wholesale markets, with Habitat using an algorithmic and machine learning approach. The degradation of the batteries is also to be “carefully managed” to extend their useful life.

Habitat’s proprietary software is capable of real-time trading, forecasting and asset modelling to enable participation in wholesale, balancing and ancillary services markets.

The 49MW Red Scar battery forms part of the agreement, as does a 20MW and 5MW site in Whiltshire and Wolverhampton respectively.

“Our aim is to provide unique insight for a unique asset class and add value in the short- and long-term for our clients,” said Andrew Luers, CEO of Habitat Energy, adding that the company is “delighted” to be helping accelerate the deployment of “much-needed” flexible power assets.

Gresham House has racked up a series of acquisitions and optimisation deals in the past few months, including two acquisitions from VLC Energy with a combined capacity of 50MW.

The Red Scar battery was also recently acquired, with the fund having had its eye on the project for a year, outlining it as one of its portfolio projects in its initial public offering (IPO) prospectus in October 2018, and confirming the project was still on its radar in August when it took a 5% stake in Noriker Power.

Ben Guest, director of new energy at Gresham House Asset Management and manager of Gresham House Energy Storage Fund, said Gresham is “proud” to have selected Habitat Energy for the optimisation of the projects.

“We have been impressed by Habitat’s team, trading acumen and algorithmic trading approach giving us real confidence that they can achieve help us achieve our target revenues for these projects,” Gues added.

Gresham has also recently signed optimisation deals with Flexitricity for the 20MW Noriker Staunch project, a mix of gas generators and lithium-ion battery storage, and KiWi Power for a 15MW project to be optimised against multiple revenue streams, including ancillary services and participating in the Balancing Mechanism.

Read Next

November 29, 2021
London Stock Exchange-listed energy storage investor Gresham House Energy Storage Fund has secured a £380 million (US$507 million) funding package from major UK retail bank NatWest.
November 26, 2021
Around 20 energy storage systems (ESSs) are to be deployed at roadside service stations in the UK where the grid supply isn’t enough for rapid charging infrastructure, the country’s government has said.
November 18, 2021
Global clean energy group TagEnergy and the UK’s Harmony Energy have announced two grid-scale battery storage projects in England and Scotland to be developed through the pair’s joint venture (JV). 
November 11, 2021
Q CELLS has acquired a utility-scale battery energy storage system (BESS) project under development in Texas, marking the vertically-integrated solar PV and smart energy solutions company’s first standalone BESS project. 
November 10, 2021
Hitachi Energy has launched a improved and new versions of its PowerStore battery energy storage system (BESS) products, alongside other new and updated products and services in its Grid Edge Solutions portfolio. 

Most Popular

Email Newsletter