UK-based Gresham House Energy Storage Project has sealed the deal on its new arrangement on battery optimisation.
Habitat Energy, a battery capacity management company, is leveraging 74MW of Gresham's energy via its PowerIQ program.
The three assets are to be optimized across the wholesale markets, with Habitat using a learning approach to algorithms and machines. The battery degradation is also to be "carefully managed" in order to extend their service life.
Habitat's proprietary software is capable of real-time trading, forecasting, and asset analysis to enable wholesale, financing, and ancillary services markets to participate.
The 49MW Red Scar battery is a part of the agreement, as is the case with a 20MW and 5MW facility in Whiltshire and Wolverhampton.
Our goal is to offer our consumers a unique insight into a new asset class and add value in the short and long term.
said Andrew Luers, CEO of Habitat Power, adding that the organization is "delighted" to help speed up the delivery of "much-needed" versatile power properties.
In the last few months, Gresham House has lined up a series of purchases and optimisation transactions, including two VLC Power acquisitions with a total ability of 50MW.
The Red Scar battery was also recently acquired, with the fund keeping an eye on the plant for a year, describing it in its initial public offering (IPO) prospectus as one of its portfolio ventures in October 2018, and stating the project was still on its radar in August when it took a 5 percent stake in Noriker Energy.
Ben Guest, Director of New Energy at Gresham House Asset Management and Gresham House Energy Storage Fund Manager, said Gresham is "proud" to have chosen Habitat Energy for project management.
We were impressed by the Habitat team, trading acumen and algorithmic trading approach, giving us real confidence that they can help us achieve our goal income for these projects.
Gresham has recently signed optimisation agreements with Flexitricity for the Noriker Staunch 20MW plant, a combination of gas generators and lithium-ion battery capacity, and KiWi Power for a 15MW project to be configured against various revenue streams, including ancillary services and membership in the Balancing Mechanism.
Shadrach is a Trending Journalist. His first job was as a newsreader and journalist at an award winning magazine. He spends most of his time scouring the internet for the hottest topics to share with his readers.