Flexible energy specialist Flexitricity has partnered with Gresham House Energy Storage Fund plc, the listed Investment Trust managed by Gresham House Asset Management, to optimise 20MW of their flexible energy portfolio.
The partnership will see Flexitricity optimising the Noriker Staunch project, a mixture of gas generators and lithium ion battery storage based in Gloucester, from their 24/7 control room in Edinburgh. The site will be optimised across frequency response services, will also be traded in the day ahead and intraday energy markets, and will be available to National Grid in the Balancing Mechanism. For more information see the IDTechEx report on Batteries for Stationary Energy Storage 2019-2029.
The Noriker Staunch site utilises batteries to quickly ramp up and down in order to be able to provide the fast response required for frequency response services, while the gas engines are available to deliver long duration responses.
Having this capability and infrastructure combined with Flexitricity's expertise will ensure the asset is available to the National Grid at the right time and the right price, allowing Gresham House Energy Storage Fund to maximise revenues and returns for investors.
Flexibility, procured through services such as frequency response, is vital to maintaining a stable energy system as the grid decarbonises. The International Energy Agency (IEA) believes that flexibility will be the cornerstone of future electricity systems, with over 80% growth expected globally over the next decade.
Flexitricity has been a pioneer in the demand-response industry, generating over £20million for its energy partners since its launch in 2004. It is the first supplier in the UK to provide full, active participation in the Balancing Mechanism for demand response assets.
Flexitricity brings market-leading expertise in frequency response, having been the first company to make aggregated flexibility available for frequency response in 2012.
This latest partnership further cements their hold of the UK market, after securing a 19.5MW battery storage portfolio at Larport Farm earlier this year and several other large-scale projects.
Andy Lowe, Sales Director at Flexitricity, said: "We are very excited to grow our share of the UK's flexible energy market through our partnership with Gresham House Energy Storage Fund. "It's an incredibly exciting time to work in this industry. The transition towards a low-carbon economy continues to create a huge opportunity for flexible energy consumers and battery storage developers to help the National Grid meet the energy demands of the UK. Monetising these opportunities isn't easy which is why the right partnerships are so vital. Flexitricity opens the door to the full range of available revenue streams and our 24/7 control room ensures we can monitor the energy markets and the site's capabilities every second of the day."
Ben Guest, Portfolio Manager of Gresham House Energy Storage Fund, said: "Flexible generation assets - and battery-led projects in particular - are crucial, enabling the deployment of significant incremental amounts of renewable energy projects and energy storage also offers investors an attractive new asset class as the UK transitions to a cleaner, more sustainable system. We are pleased to be working with a partner of Flexitricity's pedigree to ensure both the smooth running and the optimisation of our Noriker Staunch site."
Flexitricity created and now operates the first, largest and most advanced demand-response portfolio in GB and has unsurpassed knowledge of the market and its requirements.
Headquartered in Edinburgh, Flexitricity partners with businesses throughout Great Britain to provide reserve electricity to National Grid. The word "Flexitricity" means "Flexible Electricity". The company looks for flexibility in electricity consumption and generation, creating revenue for energy users and generators as well as reducing national CO2 emissions and helping to secure energy supplies.
Their team is fully engaged at industry and regulatory level and has a track record that demonstrates innovation and delivery success. Flexitricity is part of the Alpiq Group, a leading Swiss electricity and energy service provider with a strong presence across Europe.
For more information please contact: Craig Ritchie: firstname.lastname@example.org / 07919 815 926 / 0141 471 8399 Ross Henderson: email@example.com / 07954 995 104 / 0141 471 8399
About Gresham House
Gresham House plc is a London Stock Exchange-listed specialist alternative asset management group (GHE.LN) that provides funds, direct investments and tailored investment solutions, including co-investment. The Group focuses on five areas of long-term alternative investment within two divisions: Strategic Equity and Real Assets, aiming to generate superior returns across a range of alternative investment strategies over long-term investment horizons.
The Gresham House Energy Storage Fund plc invests in a portfolio of utility-scale operational energy storage systems (ESS) in Great Britain, primarily using batteries to import and export power, accessing multiple revenue sources available in the market. Gresham House is committed to operating responsibly and sustainably and believes taking the long view in delivering sustainable investment solutions will continue to be a growing factor in the strength of our market positioning. Its real asset classes of renewables, UK strategic infrastructure and forestry, especially, have the potential to help deliver resilience as well as global sustainability goals, while proactive management of environment, social and governance (ESG) considerations across all our investments help to both build and protect value in those assets.
Gresham House press enquiries:
KL Communications Camilla Esmund / Charles Gorman / Alex Hogan T: +44 (0) 203 995 6671 E: firstname.lastname@example.org
Learn more at the next leading event on the topic: Energy Storage Innovations USA 2020 on 18 - 19 Nov 2020 at Santa Clara Convention Center, CA, USA hosted by IDTechEx.