Arenko Group, London, United Kingdom, a leading battery software services provider to the global battery automation market, has announced that, following the sale of its 41MW Bloxwich energy storage project to Gresham House Energy Storage Fund plc, London, United Kingdom, (“GRID” or “the Fund”), on 3 July 2020, it has sold development rights relating to two additional 50MW energy storage projects to Gresham House. Gresham House has acquired these projects to add to GRID’s pipeline.
Arenko, using its AI driven, automated software platform will optimise and trade both batteries upon completion, which is expected by Q1 2022. Both projects will be connected directly to National Grid’s transmission system.
Arenko’s software platform is designed to maximise the availability and profitability of battery storage assets to help accelerate the transition towards a fully decarbonized power system. Arenko’s software platform currently manages 41MW of operational assets with capacity to rapidly scale up to service a growing energy storage market driven by the influx of renewable power to the energy market.
Through this transaction, Arenko is expanding its relationship with GRID, the UK’s largest owner and operator of energy storage projects (with a 20-30% market share), whilst continuing its aim to become the partner of choice for battery asset owners across the UK.
Rupert Newland, Founder and CEO of Arenko Group, said:
“We are pleased to have entered into a further service contract for these two new projects that we expect to be owned and operated by GRID, which runs the UK’s largest operational battery storage fund. We are building a business with recurring revenue streams, through long term service contracts. This contract forms part of our ambition to help multiple battery storage owners to fully optimise their asset performance by using our software. We believe our AI software platform is world-leading and we look forward to working with other battery owners as part of the global energy transition story.”
Ben Guest, Fund Manager, Gresham House Energy Storage Fund plc, added:
“We are delighted that Gresham House has acquired these project rights to add significantly to GRID’s pipeline, and that these projects will be optimised by Arenko. These would count as the Fund’s first transmission-connected projects. We continue to believe that having access to a large, exclusive pipeline (which GRID defines strictly as shovel-ready project rights owned exclusively for the Fund) as a strategic advantage for the Fund as the market burgeons.”