Equitix has partnered with Aware Super and the UK’s National Wealth Fund (NWF) to launch a new £500 million investment platform focused on developing grid-scale battery storage projects across the United Kingdom, the companies said on Tuesday.
The new venture, named Eelpower Energy, aims to build, own and operate over 1 gigawatt (GW) of battery storage capacity, with an initial portfolio of seed assets ready to move into construction and a broader pipeline of future opportunities identified.
The National Wealth Fund will act as a cornerstone investor, committing up to £200 million to the platform, in line with its mandate to support key infrastructure aligned with the UK’s energy transition goals.
“Battery storage is key to enabling the growth of abundant, low-cost renewable energy and without this technology the energy transition cannot succeed,” said Mark Simon, chief executive of Eelpower. “Given the track record of our team in this sector, I am confident that Eelpower Energy, supported by the powerful consortium of investors led by Equitix, will accelerate the rollout of flexible energy storage assets across the country that are so critical to delivering the UK’s decarbonisation goals.”
The initiative is intended to support the growing need for energy system flexibility as the UK expands its renewable generation capacity.
“Battery storage technology is crucial for the successful integration of renewables into the UK energy system and is therefore a priority area for the NWF,” said Ian Brown, interim chief executive of the National Wealth Fund.
Equitix chief executive Hugh Crossley said the consortium “brings deep expertise in infrastructure investment, a proven ability to deliver complex energy projects, and attractive risk weighted returns.”
Aware Super, one of Australia’s largest pension funds, is also backing the venture. “We are excited by our partnership with local institutions, Equitix and the National Wealth Fund, and look forward to generating attractive returns for our 1.2 million members,” said Damien Webb, deputy chief investment officer at Aware Super.
The UK government welcomed the announcement as a sign of continued investor confidence in the country’s clean energy transition.
Chancellor Rachel Reeves said the deal demonstrates that the UK is “one of the best places in the world to invest,” while energy minister Michael Shanks added: “Every battery storage facility we build will help protect homes and businesses from future energy price shocks and will support our Clean Power 2030 mission.”
