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At a Glance: The Downing-Pivot storage & electric vehicle vision
The UK battery storage market has seen a drop off in investment activity in recent months as the sector adjusts to blows such as the Department for Business, Energy & Industrial Strategy’s (BEIS) capacity market de-rating decision, and heightened competition from gas-peaker plants.
Gore Street Capital’s GBP 30m IPO of the Gore Street Energy Storage Fund last week, at a fraction of its initial GBP 100m fundraising target, is a reflection of current investor caution toward the sector.
Yet the market is continuously looking for new ways to bring in revenue, and investor Downing LLP and developer Pivot Power this month unfurled their twist on the storage model with plans for an up to GBP 1.6bn, 2GW battery storage portfolio over the next five years which will also serve as an electric vehicle charging network.
Subject to planning approvals, the partners aim to construct around ten 50MW battery storage projects over the next 18 months, which will mainly derive revenue from both grid balancing services and energy trading – buying energy at times of low demand and selling back when prices rise.
The facilities will be connected straight into the transmission network, rather than
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