First-moving energy storage fund Gore Street today extended its portfolio of amp hotels and coulomb crèches beyond the British Isles, buying 90% of an operating 28 MWh battery in Cremzow, Germany.
Accessing Europe’s interconnected grids is a major attraction in the deal, announced today to investors.
Big enough to have its own Google Maps pin, the Cremzow pied-à-terre for potential began providing FR and balancing services in 2019. It now contracts with eleven transmission network operators (TNOs) in eight countries.
Gore Street bought its 90% interest in Cremzow from the in-country subsidiary of Enel X, the world’s biggest provider of DSR installations, commanding 7.7 GW of capacity globally. Before 2017, it was known as EnerNOC. No financial terms were disclosed.
Today’s announcement hints at the imminent bonanza expected by battery operators across the EU, as the trading bloc flags an accelerated drive towards intermittent green power, hastened by the continent’s need to break its dependency on Russian gas. Solar, wind and geothermal look set to dominate the EU’s revised energy strategy, due to be unveiled next week.
Close to Szczecin just across the Polish border, the site was developed in two stages by Leclanche, Enel Green Power and Enertrag, starting with an initial 2.0 MW box, followed by an 20.0 MW expansion.
Its core is lithium-ion batteries from South Korea’s LG Chem, already in an existing relationship with Gore Street. Enertrag, a leading German renewables developer, will retain a 10% stake and will manage it technically.
Hailing what he called the deal’s “compelling fundamentals”, Gore Street CEO Alex O’Cinneide commented: “We have a unique skill set, drawing on our first mover advantage in GB, in owning and operating an international portfolio, and will continue to aggressively pursue critical markets such as Germany.
Energy storage is an ever-increasing infrastructure requirement, and we will continue to seek out the best opportunities from our considerable pipeline across our key markets.”
At noon, Gore Street Energy Storage drifted around 3% lower, outperforming by a small margin the FTSE-All Share drop of 3.44%
Meanwhile, the International Atomic Energy Authority today declared no detectable radiation leaks had been reported from Ukraine’s biggest power station, after it was shelled by Russian invaders.
Rated at 5.7 GW in total from its six PWR reactors, Zaporizhzhia on the Dniepr river, near Dnipro is Europe’s biggest nuke plant and the world’s ninth It was built over eleven years to 1995, and produces around 20% of Ukraine’s electricity.
At a media briefing yesterday Maxim Timchenko, head of DUTEK, the national generator and grid operator, confirmed ‘problems’ associated with the plant.
Cyber-attacks persisting for over three months, a complete blackout affecting the besieged city of Mariupol and the nuke attack remain Ukraine’s main grid challenges, the briefing heard.
Otherwise, thermal generation remains close to normal, Timchenko confirmed. Poland’s sale of 60,000 tonnes of coal now leave DTEK officials believing they have in theory reserves to operate for 20 days.