Field bags ₤ 46m in funding to develop 110MW portfolio of battery storage space assets
- Battery energy storage space company Field is to build a portfolio of four assets throughout the UK after protecting funding from investment firm Triple Point Energy Efficiency Infrastructure Company (TEEC).
TEEC introduced today that it will certainly supply Field with a financial obligation facility totalling ₤ 45.6 million that will certainly allow the company to build the 110MW portfolio of battery energy storage space systems (BESS).
The very first asset lies in the north of England and is anticipated to become operational this June, with a capacity of 20MW as well as a one-hour duration battery.
This will be adhered to by a 50MW BESS in Scotland as well as a 20MW asset in Wales, which will certainly both have two-hour period batteries, and also a one-hour 20MW battery setup in southeast England. These three are scheduled to begin procedures next year.
TEEC stated the funding will occur when the jobs are each adequately de-risked versus construction and operational threats.
"As the globe moves in the direction of higher use of renewable resources of energy, battery storage is vital to boost front-of-meter energy efficiency, maximising as well as making use of the recurring power produced from such renewable sources," stated TEEC chair John Roberts.
Launched by energy distributor Bulb's co-founder Amit Gudka in very early 2021, Field-- originally called Virmati Energy-- is focusing on creating a portfolio of BESS assets in the UK.
Having lately increased its senior group, Field is aiming to reach 1.3 GW of operational battery storage assets in the UK by 2024.