US investors put store in UK
Battery Energy Storage Solutions receives £50m equity investment
A group led by New York-based Tiger Infrastructure Partners is investing £50m in UK outfit Battery Energy Storage Solutions (BESS).
BESS said it will use the investment to maintain the development of grid-scale battery storage and also develop its pipeline of “behind-the-meter opportunities”.
The company is looking to acquire new projects from developers to grow its portfolio, which will be 63MW in the UK by the end of the year.
BESS co-founder James Basden said: “This capital raised has demonstrated the credibility of our battery storage proposition.
“It now enables BESS to pursue the acquisition of grid-scale projects at the right locations. We also want to support behind-the-meter battery applications with large-scale industrial and commercial users of electricity.”