(Reuters) -British startup Pulse Clean Energy said it had secured 220 million pounds ($292.3 million) in financing from six international banks to fund the development of six new battery storage
Pulse Clean Energy Secures £220 Million for UK Battery Storage Projects
(Reuters) -British startup Pulse Clean Energy said it had secured 220 million pounds ($292.3 million) in financing from six international banks to fund the development of six new battery storage system sites across the UK.
In a statement on Monday it did not say where the sites are but said they were "strategically located across the UK in areas including Scotland, Devon, Greater Manchester, and Wales". It said the financing deal was signed with Santander, NatWest, ABN AMRO, Nord/LB, Investec and CIBC.
WHY IT'S IMPORTANT:
The planned development of these new battery storage sites comes as Britain pushes on with plans to decarbonise its electricity sector by 2030 and develop more renewable energy.
Britain is aiming to, at the very least, double its current investment levels across the clean energy industries to more than 30 billion pounds per year by 2035.
KEY QUOTES:
"This landmark investment reflects strong global confidence in the growing UK battery storage market and in Pulse Clean Energy's ability to deliver at scale," the company's Chief Financial Officer Nicola Johnson said.
"These six facilities will not only strengthen grid resilience, but also unlock significant cost savings for consumers by allowing more renewable power onto the grid and reducing the need for expensive backup power during peak periods."
BY THE NUMBERS:
The six new battery energy storage system sites will collectively provide more than 700MWh of capacity, and should create more than 200 million pounds worth of gas and emissions savings for UK consumers, Pulse Energy said.
Pulse Energy, founded in 2022, aims to have more than 2GWh of operational capacity by 2030.
($1 = 0.7526 pounds)
(Reporting by Sudip Kar-Gupta; Editing by David Holmes)
