The funding will be used to accelerate the development of battery energy storage projects in the UK and Western Europe.
London-headquartered Field already operates a 20MWh battery project in Greater Manchester and has four additional sites totalling 210MWh in the UK under construction.
Amit Gudka, Field Chief Executive Officer said: “We will not be able to meet net zero targets without significant investment in new energy infrastructure. Battery storage is a critical part of that infrastructure. The more we can build, the more effective mass-usage of wind and solar power will become.”
In November 2022, the Office for Budget Responsibility made a projection indicating that the gross cost to the taxpayer would amount to £6.5 billion.
However, according to the latest estimates from the administrators, the expected gross cost to taxpayers for the Bulb process is now £3.02 billion, before any potential recovery of these funds.