Kiwi Power, a global entech company headquartered in London, has won a contract with specialist fund manager Gresham House New Energy, the renewable energy division of Gresham House Asset Management, to operate and optimise its Lockleaze battery asset on the outskirts of Bristol in England. The site is 15MW and is expected to be live in October.
Lockleaze is the latest addition to Kiwi Power’s growing energy-storage portfolio, which is on track to hit 80MW by the end of the year.
Alongside participating in the Balancing Mechanism (BM), Kiwi Power will optimise the asset against multiple other revenue streams, including ancillary services. The company has recently bolstered its capabilities with a number of key appointments reporting to new Head of Optimisation Thomas Jennings.
Kiwi Power’s proprietary technology platform will automatically dispatch the asset in real-time, following a strategy designed to maximise value and asset lifespan, by continuously evaluating the degradation cost of each market action.
Thomas Jennings said “We are delighted to be working with Gresham House to maximise the returns from their Lockleaze battery. Our expert team will draw on our 5-year track record managing battery-storage assets to optimise its performance and hunt value.’
Ben Guest, Managing Director, Gresham House New Energy said: “Energy storage technology is vital to maximising the potential of renewable energy and offers an attractive new asset class for investors wanting to support the UK’s transition to a cleaner, more sustainable future. Kiwi Power’s experience in actively operating and optimising energy-storage assets gives us confidence they are a strong partner to deliver long-term value from this asset.”
Kiwi Power’s new CEO, Jay Zoellner added: “KiWi Power’s vision is to simplify distributed energy to deliver global sustainability impact. Projects such as this demonstrate the value distributed energy resources can deliver for investors and the environment alike. We’re working with stakeholders in the UK to unlock this value and help accelerate the country’s low carbon transition. We are excited to be working with Gresham House New Energy in this context.”