Engie and Macquarie invest £3m in EV battery storage firm

0

Engie and Macquarie Group have invested £3m in Connected Energy, a firm which uses spent battery packs from electric vehicles to create on-site energy storage solutions for industrial and commercial companies.

The company says that by using second-life EV batteries, its E-STOR solution can deliver the benefits of battery storage at lower cost to businesses.

As well as security of supply, resilience and peak cost avoidance, storage enables businesses to share revenues from utilities and virtual power plant operators by helping provide grid balancing services.

The Newcastle-on-Tyne-based firm will use the cash to scale its operations, and to fulfil a “tremendous pipeline of demand” for its storage systems, according to CEO Matthew Lumsden.

“In this uncertain energy landscape we look forward to capitalising on the burgeoning need for grid balancing schemes through energy storage, as well as adding to the sustainability of electric vehicles,” he said.

Connected Energy uses second life batteries from Renault vehicles.

As well as Engie and Macquarie, the firm lists Boston Renewables, Bryt Energy, EDF Energy, Efficient Power Solutions, Parker, Statkraft, University of Warwick and Videre as strategic 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.

Related stories:

Free battery storage report

Northern Powergrid: EVs a resource, not a problem

EVs ‘could provide 11GW of flex’

Lord Redesdale: Idea of EVs as energy storage is “complete crap”

Carmakers become aggregators as DNOs fear overnight EV boom

Nissan: Carmaker signals roadmap to energy services company

Flexitricity chief: UK has enough spare power electrify every car on the road

Government finds £20m for vehicle to grid development

Greg Clark calls for automakers and energy industry to collaborate on battery storage

Nissan and Eaton to roll out commercial scale battery in 2017

National Grid predicts big battery future

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here