Battery Energy Storage Solutions (BESS) has secured £28.5 million in project finance funding from Santander Corporate & Commercial.
The firm will use the money to help execute its strategy to have 100MW of grid scale battery storage assets online by the end of this year.
Battery developers are racing to deploy assets in a bid to beat falling frequency response prices as the market becomes saturated.
By end of 2017, BESS had 14MW of battery storage up and running, either standalone or co-located with storage. By the end of this month, the company says it will have connected a further 49MW connected to the grid.
Last month the firm raised £50m in private equity in a round led by Tiger Infrastructure Partners.
Interested in storage? The Energyst’s latest Battery Storage report is available as a free download. The report contains the views of public and private sector end users considering storage, energy consultants, financiers, energy companies and aggregators.
Free battery storage report
BESS lands £50m to build lots of batteries
Energy storage ‘will wipe out’ battery storage
Tesla: People don’t engage with energy bills, but they will have to
VLC Energy to connect 50MW of battery storage after EFR win
Solar developers plan 10MW battery in Perthshire
Battery storage cut down to size as gigawatts qualify for capacity market
Energy storage to be reclassified in Electricity Act
National Grid slashes long-term estimates for battery storage
Swindon Council plans 50MW battery storage plant
Eelpower commissions 10MW battery, plans 150MW
Battery storage: Where’s the smart money?
Battery storage to push frequency response revenues down STOR’s path?
National Grid confirms cull of frequency response products
Aurora: Battery storage, DSR and peaking plant to hit 25GW
Marks & Spencer mulls battery storage investment
Centrica to use council’s 3MW battery storage unit to balance local and national grids
Centrica: Floodgates on battery storage investment to open in 2017
Battery storage: Finance a challenge but businesses predict 3-7 year paybacks
As solar generation makes history, National Grid starts to feel the burn
UK Power Networks receives 12GW of storage applications
Limejump and Anesco partner to connect 185MW of capacity market battery storage
UKPN sees battery boom, outlines DSR plans
Government sets out smart grid vision
As solar subsidies wane, investors plan 2.3GW of battery storage projects
More than half of I&C firms mulling energy storage investment
Ofgem: Energy flexibility will become more valuable than energy efficiency
National Grid says UK will miss 2020 targets, predicts big battery future
Click here to see if you qualify for a free subscription to the print edition of The Energyst, or to renew.
Follow us at @EnergystMedia. For regular bulletins, sign up for the free newsletter.