The business will build, own, and operate grid-scale battery storage assets and aims to deliver over 1 GW of new battery storage capacity for the United Kingdom (UK) grid in the coming years.
Chancellor of the Exchequer Rachel Reeves said: “Upgrading the grid will help to bring down bills, support well paid jobs, and put more money in working people’s pockets.”
“This is our Plan for Change in action, delivering long term economic growth and the jobs of the future through investing alongside the private sector, like this deal with one of Australia’s largest funds, showing that the UK is one of the best places in the world to invest,” Reeves said.
Eelpower Energy will be driven by an experienced management team with an established track record in battery storage delivery, asset management, and optimisation in the UK.
Working with the investor consortium, Eelpower Energy has identified a portfolio of seed assets which will immediately enter construction, alongside a material pipeline of high-quality, actionable project opportunities to facilitate growth of the platform over time.
Mark Simon, CEO of Eelpower Energy, said: “Battery storage is key to enabling the growth of abundant, low-cost renewable energy and without this technology the energy transition cannot succeed.”
“Given the track record of our team in this sector I am confident that Eelpower Energy, supported by the powerful consortium of investors led by Equitix, will accelerate the rollout of flexible energy storage assets across the country that are so critical to delivering the UK’s decarbonisation goals,” Simon said.
Equitix – a leading investor, developer and manager of infrastructure assets – led the consortium, partnering with Aware Super to invest into Eelpower Energy.
This partnership, in a crucial sector for the UK’s transition to net zero, also marks the latest collaboration between NWF and Equitix and cements a growing relationship with Aware Super as a key UK infrastructure investor.
Hugh Crossley, CEO of Equitix, said: “We’re proud to unite this experienced investor consortium behind Eelpower Energy, a platform with a proven track record in delivering grid-scale battery storage.”
“This significant investment reflects our shared confidence in the long-term value of the sector, and our consortium brings deep expertise in infrastructure investment, a proven ability to deliver complex energy projects, and attractive risk weighted returns,” Crossley said.
“Equitix is committed to ensuring that our investments deliver meaningful local impact and contribute to the UK’s sustainability goals through cleaner, more resilient energy infrastructure.”
Aware Super, one of Australia’s largest superannuation funds with $200 billion (USD 130 billion) in assets under managment (AUM) and 1.2 million members, is a long-term active infrastructure investor with an appetite for large-scale infrastructure assets that provide long-term returns that match its members’ retirement time horizon.
Aware Super Deputy CIO and Head of International Damien Webb said: “Aware Super is proud to be a substantial direct investor in Eelpower Energy, reinforcing our commitment to the UK energy transition and industrial strategy.”
“We are excited by our partnership with local institutions, Equitix and the National Wealth Fund, and look forward to generating attractive returns for our 1.2 million members. This new platform will build on our existing UK and European infrastructure portfolio – that includes Forth Ports and EuNetworks – and demonstrates our confidence in the battery storage sector’s role in delivering cleaner, more resilient energy systems.”
The National Wealth Fund, the government’s principal investor and policy bank, is committing up to $414 million into the platform. NWF operates as a strategic investor, aiming to crowd in private capital by taking cornerstone positions in commercially viable projects in support of the Government’s growth and clean energy missions.
Ian Brown, Interim CEO of National Wealth Fund, said: “Battery storage technology is crucial for the successful integration of renewables into the UK energy system and is therefore a priority area for the NWF.”
“Our investment in Eelpower Energy is yet another example of how we’re supporting more storage capacity to come online at pace and scale to help meet the government’s clean power targets.”
Energy Minister Michael Shanks said: “This National Wealth Fund investment shows that we are serious about developing and backing battery storage to unlock Britain’s renewable potential.”
“Every battery storage facility we build will help protect homes and businesses from future energy price shocks and will support our Clean Power 2030 mission that will scale up renewable projects alongside battery storage across Great Britain, so excess renewable energy can be stored to use later, instead of wasted.”
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