Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Videos

Power Distribution
Utilities Network
Return to: EBR Home | Power Distribution | Utilities Network

Battery storage developer Eelpower secures £20m funding from Gravis

EBR Staff Writer Published 13 April 2018

UK battery storage developer Eelpower has secured a debt funding of £20m from Gravis Capital Management (Gravis).

Eelpower will use the funding to build, own and operate a fleet of grid-connected batteries.

The financing for Eelpower is being made through the GCP Asset Backed Income Fund, an investment company advised by Gravis. 

Eelpower chief executive Mark Simon said: “The Gravis investment in Eelpower’s battery storage business underlines the scale and investment strength of our current portfolio, and the growth potential of Eelpower and indeed the battery storage market in the UK.”

In November last year, Eelpower had commissioned a 10MW Leverton battery storage facility near Lincoln.

The Leverton storage facility is Eelpower’s first project to be commissioned in the UK. It is connected to Western Power Distribution’s East Midlands grid.

The storage system was configured as a 10MW stand-alone energy barn using lithium-ion based energy storage system from Shenzhen-based BYD.

 Simon earlier said: “Leverton is the first of a pipeline of battery storage projects that Eelpower plans to build and operate over the next three years. They will support the Grid, underpin security of supply and help reduce energy costs for customers, in particular for businesses that are major energy users.”

 Eelpower had also won a Firm Frequency Response contract from National Grid in October 2017 and had already entered into a fifteen-year T-4 Capacity Market contract starting in October 2020.             

It is a sister company to Barn Energy which has financed and built three river hydro projects in Yorkshire over the past two years.

In March this year, Barn Energy deployed battery units alongside two of its three river hydro projects

Barn Energy and Eelpower also plan to install another battery storage unit at Barn Energy’s Kirkthorpe hydro scheme (500kW capacity) on the River Calder, 10 miles west of Knottingley.