€11.25M Green Energy Boost: GridBeyond and Triodos Expand Battery Storage Initiative

2024-11-18 green

Utrecht, Monday, 18 November 2024.
In a significant move for renewable energy storage, Triodos Energy Fund commits €11.25M to expand GridBeyond’s battery projects. The partnership aims to deploy 8MWh of new storage capacity across UK and Ireland, marking a crucial step in stabilizing renewable energy supply. Already operational projects demonstrate success with industrial clients, while future plans include innovative solar PV and EV charging solutions. This strategic investment, announced November 18, 2024, builds on their successful two-year collaboration and positions both companies at the forefront of Europe’s energy transition efforts.

Expanding Battery Energy Storage

As the demand for renewable energy solutions intensifies, Triodos Energy Transition Europe Fund and GridBeyond are reinforcing their commitment to sustainable energy through an additional €11.25 million investment. This funding aims to enhance the joint venture, GridBeyond Storage, by expanding battery energy storage systems (BESS) in the UK and Ireland. By integrating 8 MWh of storage capacity, the initiative seeks to stabilize renewable energy supply, crucial for managing the intermittency of solar and wind power[1][2].

Successful Collaboration and Future Prospects

Since forming a 50/50 joint venture in 2022, Triodos and GridBeyond have realized tangible success in implementing Behind-the-Meter (BTM) projects. These initiatives not only support industrial and commercial customers with resilient energy solutions but also align with broader global decarbonization efforts. The first BTM project, operational since March 2023, features a 1.1 MWh BESS asset at Carey Glass in Ireland. Future developments include an 8.3 MWh BESS at O-I Glass in Scotland, scheduled for completion by January 2025[3][4].

Innovative Green Solutions

In addition to expanding battery storage, the partnership is exploring innovative solutions such as BTM solar PV and electric vehicle (EV) charging projects. These initiatives aim to further support customer decarbonization goals, offering not only resilience but also cost savings and carbon reduction. Richard O’Loughlin, Deputy CEO of GridBeyond, highlighted the essential role of batteries in integrating more renewables into the energy market, enhancing resilience and supporting grid connection challenges[5][6].

Positioning for a Net-Zero Future

Michiel van Beek, Head of Project Equity at Triodos Investment Management, emphasized the strategic significance of this investment, positioning the fund to benefit from the growing demand for flexible energy solutions. The collaboration with GridBeyond exemplifies a forward-thinking approach to the energy transition, aiming to achieve a net-zero future. As both companies continue to innovate, their efforts underscore a broader commitment to sustainable energy and environmental stewardship in Europe[7][8].

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Triodos GridBeyond