UK power asset aggregator Flexitricity and renewable energy developer Thrive Renewables have signed an agreement to optimise the 20MW battery energy storage system (BESS) and will continue to enter the UK energy storage industry.
Under the agreement signed, the two companies will develop and deploy battery energy storage systems on the Thrive power line in Bristol, UK, to support the development of renewable energy in the south west of the UK.
Using a virtual power plant platform, the lithium-ion battery energy storage system will be monitored and dynamically optimised from Flexitricity's control room in Edinburgh.
The lithium-ion battery energy storage system will operate in a range of different markets, including frequency response, wholesale traded power, balancing mechanisms and emerging flexibility services.
Andy Lowe, CEO of Flexitricity, said: “Energy storage plays a vital role in helping the UK transition to net zero and Flexitricity is ideally suited to maximise income for asset owners, enabling them to invest more Green energy projects create a solid business case. The agreement with Thrive, which is at the forefront of renewable energy, brings tremendous synergies and we are delighted to have them onboard.”
Industry experts point out that investors are increasingly interested in battery storage systems as energy storage projects become more profitable and cost-effective.
Increasing the installed capacity of battery energy storage systems is a crucial aspect of the energy transition. As the UK focuses primarily on intermittent solar and wind power as part of its energy transition, there needs to be enough energy storage to meet the growing capacity.
According to a white paper jointly published by Grid Beyond and Thrive Renewables, the added value and optimization of battery energy storage systems has been seen as a key component in remaining an attractive investment opportunity.
However, increased investment by battery suppliers could overcrowd the market, resulting in less investment interest. Because of this, optimization and stacking of value must be leveraged to keep investors attractive.
Thrive Renewables will continue to develop renewable energy with a new crowdfunding project launched in June 2022, with the aim of raising £5 million for the deployment of its solar power facilities, battery storage systems and onshore wind.
Monika Paplaczyk, Investment Director at Thrive Renewables, said: “This transaction with Flexitricity demonstrates the potential for small battery storage projects to be optimised as part of larger virtual power plants, providing an important flexibility resource to the grid. This ultimately means , we can make better use of the abundant renewable resources available. This is a great testament to Bristol’s position at the forefront of the UK’s energy transition.”