Origami Energy has announced it will “intelligently” connect 19MW of battery assets to energy markets with the purpose of delivering “optimised economic returns”.
Gore Street Energy Storage Fund will build and operate two large battery projects including a 9MW “behind the meter” battery asset at London’s Port of Tilbury industrial port facility and a 10MW “front of the meter” battery asset in Brentwood, Essex.
The technology will provide real-time monitoring, control and operation of the batteries enabling access to multiple revenue streams for each asset, including the provision of grid services to help keep the electricity system in balance.
Renewable energy expert and private equity investor, Gore Street Capital (GSC), is the investment adviser to Gore Street Energy Storage Fund. Gore Street Energy Storage Fund will oversee the construction of the assets which is expected to commence in October and be operational in Q2 2019.
Alex O’Cinneide, CEO of GSC said, “We launched Gore Street Energy Storage Fund because we see considerable opportunities in developing high quality energy storage projects and linking these projects to energy markets.
“Origami Energy’s intelligent technology platform will enable us to achieve this. We are excited about the opportunities presented by these two high quality projects to generate value from deploying capital, as well as increasing the use of renewables within the UK’s energy mix.”
Peter Bance, chief executive of Origami Energy, said: “Gore Street’s investment further validates our approach to help accelerate the deployment of high-quality distributed energy assets.
“This agreement with Gore Street demonstrates the value that key energy market actors place on using our intelligent technology to build a strong business case around these assets.”
In March Smartest Energy signed a deal with Origami Energy to use its smart grid platform in a bid to benefit from the demand-side response market.
Meanwhile in April it was announced temporary power provider Aggreko acquired a 14 per cent stake of Origami.
Aggreko said the investment is in line with its strategy to reduce the cost of energy for its customers, while maintaining a reliable power supply in a “changing energy market”.