Origami signs major deal to intelligently connect and control 19MW of battery storage assets
London, 20 September 2018 Leading technology provider to the energy sector signs deal with Gore Street Energy Storage Fund PLC to connect and control a large 9MW “behind the meter” project and a 10MW “front of the meter” project. Origami Energy has also sold the rights to build and operate the battery projects.
Alex O’Cinneide, CEO of Gore Street Capital with Peter Bance, CEO of Origami Energy
Origami Energy, leading technology provider to the energy sector, today announced it will intelligently connect 19MW of battery assets to energy markets with the purpose of delivering optimised economic returns. Origami Energy's technology will provide real-time monitoring, control and operation of the batteries enabling access to multiple revenue streams for each asset, including the provision of grid services to help keep the electricity system in balance.
Origami Energy has also sold the rights to Gore Street Energy Storage Fund PLC build and operate the two large battery projects. The projects include a 9MW “behind the meter” battery asset at London’s Port of Tilbury industrial port facility and a 10MW “front of the meter” battery asset in Brentwood, Essex.
For both projects, Origami Energy has completed project feasibility studies and all development to date, including technical specification, procurement activities, grid access rights and obtaining revenue contracts for capacity market and frequency response.
Renewable energy expert and private equity investor, Gore Street Capital (“GSC”), is the investment adviser to Gore Street Energy Storage Fund, the world’s first publicly listed battery storage fund. Gore Street Energy Storage Fund will now oversee the construction of the assets, expected to commence in October and be operational in Q2 2019.
Alex O’Cinneide, CEO of GSC said, “We launched Gore Street Energy Storage Fund because we see considerable opportunities in developing high quality energy storage projects and linking these projects to energy markets. Origami Energy’s intelligent technology platform will enable us to achieve this. We are excited about the opportunities presented by these two high quality projects to generate value from deploying capital, as well as increasing the use of renewables within the UK’s energy mix.” Peter Bance, CEO of Origami Energy, said: “Gore Street’s investment further validates our approach to help accelerate the deployment of high-quality distributed energy assets. This agreement with Gore Street demonstrates the value that key energy market actors place on using our intelligent technology to build a strong business case around these assets.”
About Origami Energy
Origami Energy is a leading technology platform provider to the energy market. Origami Energy provides Distributed Energy Resource development support and links assets to markets through the Origami Energy platform. Origami Energy’s highly secure, scalable and versatile software platform enables remote, real-time monitoring and intelligent real-time control of large numbers and types of energy assets and is architected for global deployment.
Origami Energy’s technology enables market participants, to respond quickly to changes in the energy market, increase their profitability, access new revenue opportunities and improve trading positions.
Origami Energy has UK offices in London and Cambridge recently raised £18.6m from FTSE listed global power specialist, Aggreko and existing investors including Cambridge Innovation Capital, Octopus Ventures and Fred. Olsen related companies, bringing the total raised to date to £36m.
Origami Energy has invested significant funds in establishing the UK’s only dedicated micro-grid emulation and testing laboratory enabling rigorous testing of new applications, algorithms and asset classes such as batteries and electric vehicles prior to real-world deployments with customers.
About Gore Street Capital
Gore Street Capital is the investment manager of Gore Street Energy Storage Fund (GSF). GSF is London's first listed energy storage fund and seeks to provide shareholders with a significant opportunity to invest in a diversified portfolio of utility scale energy storage projects. In addition to growth through exploiting its considerable pipeline, the Company aims to deliver consistent and robust dividend yield as income distributions to its shareholders. For more information about Gore Street Energy Fund visit their website here.