The UK Infrastructure Bank has unveiled plans to invest up to £200 million in two investment funds aimed at expediting the development and implementation of battery technologies.
This investment has been earmarked to support the development of new energy storage solutions, following the Bank’s expression of interest in exploring innovative means of financing and enhancing the UK’s storage capacity.
The Gresham House Secure Income Renewable Energy & Storage LP (SIRES) is set to receive a £75 million match funding investment from the Bank, alongside an additional £65 million investment from Centrica.
The Bank will also invest £125 million in a match-funding capacity into Equitix UK Electricity Storage Fund.
National Grid projections currently indicate that up to 29GW of total storage could be required by 2030, rising to 51GW by 2050, a significant increase on the current 5GW capacity.
John Flint, the Chief Executive Officer of the UK Infrastructure Bank, has stated that increasing electricity storage capacity is crucial to securing energy supply in the future and making progress towards net zero goals.
While the country is making some strides in this area, there is a pressing need for more investment to meet necessary targets and time is running out.
Despite some believing that the UK’s journey to net zero will be expensive and inconvenient, Chris O’Shea, Chief Executive Officer of Centrica, sees it as a fantastic opportunity to create new, well-paying jobs and transform the way businesses operate.