A battery storage firm has landed a £50 million investment to expand its portfolio.
Battery Energy Storage Solutions (BESS) secured the deal with a group of investors led by Tiger Infrastructure Partners, based in New York.
It plans to use the investment to maintain its rapid expansion of grid-scale battery storage projects and also to pursue a range of behind-the-meter opportunities – this is when storage is installed directly at a home or business.
The company is actively looking to acquire new projects from developers, with the aim of reaching more than 60MW of capacity in the UK by the end of the year.
James Basden, Co-Founder of BESS: “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.”