- Press Releases
May 22 (Renewables Now) - Pivot Power LLP on Monday announced sweeping plans to build a 2-GW network of batteries and rapid electric vehicle (EV) chargers connected directly to the UK extra-high-voltage transmission system.
The company is working with electricity system operator National Grid on the GBP-1.6-billion (USD 2.1bn/EUR 1.8bn) plan. It wants to install 45 grid-scale 50-MW batteries at electricity substations across the country, with an objective to have 10 operational sites within 18 months. Locations have been selected near towns and big roads, so the unprecedented battery network will be able to power rapid EV charging stations, offering mass charging at competitive rates, the company said. The sites would be able to support rapid 350-kW chargers when such are available in the country.
The initiative will both help speed up EV adoption and provide greater flexibility to the system operator in managing supply and demand and accommodating increased renewables and EV charging.
According to Pivot Power chief executive Matt Allen, big problems require big solutions. "We want to future-proof the UK’s energy system and accelerate the electric vehicle revolution, helping the UK to clean up its air and meet climate targets," Allen said.
Pivot Power is a London firm backed by UK-based investment manager Downing LLP. The company says it is in talks with institutional and strategic investors and potential partners, such as car makers, charging providers and technology and energy companies. Members of the public will be able to invest through the Downing Crowd platform.
Michael Liebreich, founder of Bloomberg New Energy Finance, who is an investor in Pivot Power, said: "Renewables, batteries and electric vehicles are going to completely transform our power system, not just because they help clean up our horrible air quality and meet our climate targets, but because their costs are falling far faster than people realise."
(GBP 1 = USD 1.344/EUR 1.1409)