£20m debt funding for battery storage firm Eelpower


Eelpower has secured £20m of debt funding with Gravis Capital Management to build out its battery storage pipeline.

Eelpower plans to build, own and operate battery storage assets throughout the UK.

Chief executive Mark Simon said the investment underlines the firm’s credentials and the market’s growth potential.

Eelpower has a 10MW battery in operation at Leverton near Lincoln, which provides firm frequency response (FFR) services and has a 15-year capacity market contract.

Last month the firm installed battery units at a river hydro scheme owned and operated by sister company, Barn Energy. The companies plan to add battery storage to Barn’s other two river hydro schemes in Yorkshire.

Eelpower has stated that it aims to build a 150MW battery storage portfolio.

Eelpower’s management team have experience in ground-mounted solar PV, building some of the first farms in the UK, and they installed the first co-located battery at Slepe Farm solar PV site in 2014.

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