Software company Arenko has signed a new contract with Gore Street Energy Storage Fund to optimise a 10MW asset.
Arenko’s AI-driven, automated software platform will work as a route to market for the asset, transacting the battery asset to enhance its financial and technical performance.
The contract brings Arenko’s operational assets up to 51MW, also optimising the 41MW Bloxwich battery in the West Midlands that the company sold to Gresham House Energy Storage Fund for £20.1 million in July 2020 when it decided to become a pure-play software company.
Additionally, Arenko has a further 100MW contracted and scheduled to come online over the next 18 months.
Rupert Newland, founder and CEO of Arenko Group, said they were pleased to have signed the contract and to deliver technical software from the company’s platform.
“We look forward to working with Gore Street and other forward-thinking asset owners to help them maximise the value of their assets in the future,” he added.
As well as optimising storage in markets like the Balancing Mechanism, Arenko has been one of the key players in National Grid ESO’s newest flexibility service Dynamic Containment since its launch in October. This includes winning bids for seven continuous weeks in the service, and stacking its assets in both the Balancing Mechanism and Dynamic Containment from January.
Energy storage investor Gore Street currently has a portfolio of 110MW in the UK and is currently looking to expand this substantially by acquiring 1.3GW following a £60 million oversubscribed fundraising round in December 2020.
Alex O’Cinneide, CEO of Gore Street Capital Limited, the investment manager of Gore Street Energy Storage Fund, said the company was “delighted” by the partnership with Arenko.
“Further international investment in energy storage will be critical for meeting global renewable energy investment goals and we look forward to working closely with Arenko to maximise the efficiency of an important asset.”