Two UK companies have joined forces to offer businesses the chance to use battery storage systems at no upfront cost.
Thrive Renewables and Aura Power said their joint venture will install and operate batteries for medium and large energy users – spending £500,000 a year or more on electricity – free of charge in return for a share of revenues.
The companies said businesses will see “immediate cost savings” by avoiding premium-cost peak energy charges and income from providing flexibility services to the grid after the battery installation.
They estimate some businesses with a 2MW battery could save more than £1 million over a 15-year contract.
A spokesperson told ELN the firms are expected to pass between 15% to 20% of the benefits to the client, keeping up to 85% of the revenues.
Matthew Clayton, Managing Director of Thrive Renewables said: “We are offering businesses a straight forward solution. We take the investment risk, manage the development and operate the battery to maximise mutual returns. We agree a contract with the customers, they can get on with their core business and save tens of thousands from year one.”