UK firms team up to offers businesses batteries at no upfront cost

UK renewable energy companies Thrive Renewables and Aura Power have today launched a joint venture (JV) that will offer UK businesses battery energy storage systems at no upfront cost.

The JV will install and operate the batteries in return for a share of revenues, the companies said today. Customers will be able to generate cost savings from avoiding premium-cost peak energy charges and income from providing services to the grid such as frequency response.

The offering is targeted at medium and large energy users with annual electricity bills of GBP 500,000 (USD 670,000/EUR 567,000) or more. Aura Power director Simon Coulson said the JV is already in advanced talks with several customers that include a large dairy, a food processor and a tile manufacturer.

The partners will be providing batteries at least 0.5 MW in size. They estimate that customers with a mid-range 2-MW battery could save more than GBP 1 million over a typical 15-year contract.

The new business combines Thrive's funding and behind the meter renewable expertise and Aura Power's experience of developing utility-scale batteries, according to the announcement.

"We take the investment risk, manage the development, and operate the battery to maximise mutual returns," explained Thrive Renewables managing director Matthew Clayton. "Increasing flexibility in the UK's electricity system is key to the continued transition to a cleaner, smarter energy network," Clayton added.

(GBP 1 = USD 1.340/EUR 1.134)

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