Zouk Capital today announced a £30m investment into Green Hedge Energy UK to develop, build and operate the company’s battery energy storage projects across Great Britain. The majority of projects will be built within the next 12 months and will initially target the ancillary service market, a sector that is expected to change significantly over the next few years.
Massimo Resta, Partner at Zouk Capital, said: “We are very happy to be joining forces with Green Hedge. The Green Hedge team has a very strong track record in project development, and have done a great job at de-risking the otherwise challenging business case of energy storage. The power sector is changing rapidly due to the rapid growth of renewables and the decommissioning of traditional power generation assets. This creates opportunities for flexible assets such as batteries, and we believe we have the right team to take advantage of those opportunities.”
Niels Kroninger, Managing Director of Green Hedge, said: “Energy storage is the key to a low cost, low carbon energy system. The entire team at Green Hedge are delighted about the investment and look forward to working with Zouk. The investment will enable Green Hedge to build out and operate our battery energy storage projects as a first mover. This investment would not have been possible without Zouk’s energy sector expertise and entrepreneurial attitude.”