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Penso Power is the developer and originator of Europe's largest battery storage system (the 100MW Minety in Wiltshire), and has entered into a joint venture agreement. BW will contribute capital to fully finance Penso Power’s large-scale battery storage projects across the UK, which include projects with a connection capacity of up to 350MW.
Penso Power will be joined by BW Group as joint shareholders in the battery project. BW Group will invest directly in Penso Power, along with Erik Stromso (Managing Director at BW Renewables) and join Penso Power's Board of Directors.
Richard Thwaites is the Chief Executive Officer of Penso Power. He stated that he was delighted to form this partnership with BW Group. BW Group is not only one the most important maritime and energy companies in the world, but also an organization with high standards of governance and a strong sustainable agenda. We will be able to accelerate the development of and construct our UK project pipeline which is currently more than 3GWh. Additionally, we will explore other project opportunities both in the UK as well as overseas with BW Group.
Richard Thwaites commented on the strategic importance of the investment. He said: "We consider that energy storage is a key enabler for the energy transition. The UK's battery storage market is experiencing a boom thanks to BW Group, a blue-chip international corporation that has invested significant capital to create a large portfolio of large-scale projects. The deal, which is significantly larger than any other in the UK to this point, we see as a transformational one for both ourselves and the UK market.
Erik Stromso is the Managing Director at BW Renewables. He said that Penso Power was one of the first companies to develop UK-based battery storage. BW has a long track record as an investor in energy value chains and a growing portfolio sustainable energy investments including offshore wind and floating wind. With a shareholding of Corvus Energy in 2013, we invested our first time in battery storage. This company is the largest supplier of batteries to the maritime sector in the world. We remain strong believers in this technology as an enabler for the sustainable energy transition.
We were inspired to invest in Penso due to the quality of their management team, their track record for utility-scale battery storage and their success with the Minety Project. We look forward to continuing our partnership with Penso Power as we deploy more projects in the UK after this initial investment.