Battery Energy Storage Solutions (BESS) has said it is “actively looking” to acquire new projects after raising £50 million.
The battery storage owner and operator announced today (21 November) it has raised the equity from a group of investors, led by the New York-based Tiger Infrastructure Partners.
The firm said it will also use the money to fulfil its pipeline of behind the meter opportunities.
By the end of the year, the company predicted it will own and operate a 63MW portfolio of grid-scale batteries and added it is now “actively looking” to acquire new projects from developers to help reach that target.
“The capital raised has demonstrated the credibility of our battery storage proposition,” said BESS co-founder, James Baseden.
“It now enables BESS to pursue the acquisition of grid-scale projects at the right locations,” he added. “We also want to support the behind-the-meter battery applications with large-scale industrial and commercial users of electricity.”