GridBeyond is to develop a pipeline of behind the meter battery storage projects across the UK and Ireland, thanks to a project financing facility from Triodos Energy Transition Europe Fund.
The partnership includes £8.3 million (€10 million) within the first phase, allowing GridBeyond to install storage assets at its clients’ sites.
“Over the last 12 months many I&C businesses have been examining the risks and rewards of installing battery storage on site, however for most the upfront costs of the technology is a firm barrier,” said GridBeyond chief operating officer (COO) Richard O’Loughlin.
“Through this partnership, which provides a fully funded battery storage system to our existing demand side response clients we are giving them the opportunity not only to bolster their energy resilience, but to make cost savings that can be further invested in actions that support the net zero transition.“
The energy software company will assess each client’s site size, demand profile, onsite generation or plans to develop generation assets, and the level of flexibility already available through demand-side response at the site.
Using this information, it will select the best size of battery for each, and will then manage the procurement, installation and operation of the batteries.
Triodos Energy Transition Europe Fund – which is managed by Triodos Investment Management – invests in renewable energy, energy efficiency and flexibility companies.
Vincent van Haarlem, fund manager of Triodos Energy Transition Europe Fund said: “Triodos Investment Management sees financing storage capacity projects as a broader responsibility in the energy transition given the key role these projects play in managing supply and demand of renewable energy. In addition, decentralised energy storage is a valuable addition to the toolbox of companies seeking to achieve carbon neutrality. As such we are very pleased to team up with GridBeyond and to proactively contribute to accelerating the energy transition through this collaboration.”
Beyond the initial partnership, Triodos Energy Transition Europe Fund and GridBeyond are exploring the potential of expanding into more global markets.
GridBeyond currently operates in the UK, Ireland and Texas’ ERCOT market in the US, and expanded into Japan thanks to a Memorandum of Understanding with engineering company and EPC contractor Chiyoda Corporation in August 2021.