Leeds-based UK Infrastructure Bank set to invest up to £200m into energy storage technologies

UK infrastructure Bank has also committed to invest £125 million on a match-funding basis into Equitix UK Electricity Storage Fund.

John Flint, CEO of the UK Infrastructure Bank said: “Increasing electricity storage capacity will help secure energy supply in the future and drive us along the path to net zero.

"We are making progress as a nation, but we need much more investment to meet necessary targets, and the clock is ticking.

“The Bank’s investment into these new funds will help break down the barriers to greater, long-term investment across a range of storage sector and renewable energy opportunities.”

The bank states that the deals, which represent its first investments in the electricity storage sector, could facilitate around 1300 jobs and will unlock at least a further £200 million in match-funded private sector capital.

Currently National Grid forecasts show that up to 29 GW of total storage could be needed by 2030 and up to 51 GW by 2050. Only 5 GW of storage is currently available.

Gresham House’s funding will focus on developing renewable generation and short duration electricity storage facilities to help maximise energy grid connections.

The Equitix UK Electricity Storage Fund will focus on a combination of innovative business models across both short and long duration storage.

Short duration strategies may include installation in households and at underutilised commercial premises, as well as combining both battery storage and renewable energy generation at the same site.

The fund will also aim to deploy a range of long duration storage technologies, such as pumped-hydro, a type of energy storage that uses water reservoirs at different elevations to generate and store electricity.

The fund is expected to facilitate 900 jobs across the UK.