Battery Energy Storage Solutions (BESS), a London-based battery builder, is to benefit from the company’s £28.5m in project finance deployment.

The funding will help BESS deploy an additional 49 MW of battery storage onto the national grid by the end of this month, bringing its total capacity to 63 MW.
Santander, which said it hopes to become a “leader” in the battery storage space, has loaned BESS the cash via a combination of a term loan and working capital facilities.

BESS has already raised £50m in an equity investment round last year, which was led by New York investment firm Tiger Infrastructure Partners.

Nicholas Beatty, co-founder of BESS, said the UK needed more battery systems to ensure a “balancing of supply and demand” of electricity for consumers as more renewables come online.

“The UK’s power system is now the fourth cleanest in Europe,” he explained. “However, the pace of transition to a low carbon power system brings with it challenges for the National Grid in balancing the network and ensuring supply and demand is matched on a second by second basis. Such balancing of supply and demand only being possible by the introduction of new technologies like battery storage.”

At the end of last year, BESS had 14 MW of batteries installed on the national grid or co-located with solar power plants. By the end of 2018 it plans to build and operate a portfolio of 100MW of grid scale battery storage assets.