NEC Energy Solutions Awarded Two Projects Totaling 19MW from Gore Street Energy Storage Fund Plc. Portfolio
Projects were acquired from Origami Energy and are owned by Gore Street Capital
Tokyo, Japan and Boston, MA, November 21, 2018 - NEC Corporation announced today that NEC Energy Solutions, a wholly-owned subsidiary, has been awarded contracts for two UK energy storage projects totaling 19MW. Origami Energy developed both projects that were acquired by Gore Street Energy Storage Fund Plc. The NEC contracts are full turnkey projects and will be supported by Nippon Koei (NK) to carry out the EPC scope.
The first of the two projects is located at the Port of Tilbury, co-located with London's Port of Tilbury industrial port facility. The second project is located on Lower Road in Brentwood, Essex. The Port of Tilbury is the largest multipurpose deep-water port on the River Thames and at 9MW, the NEC, GSS® Grid Storage Solution will be the largest behind-the-meter battery storage system in the United Kingdom. The energy storage system will use a metering scheme, installed by Nippon Koei, to enable the battery system to reduce the Port's peak demand while integrating with existing renewable generation on site. The 10MW Lower Road project will be a grid tied NEC GSS® Grid Storage Solution that will provide front of the meter grid services. The projects will benefit from three diversified revenue stream contracts including services to the capacity market, participating in TRIADs and providing dynamic firm frequency response services to National Grid. Construction will commence at Port of Tilbury in December 2018 and at Lower Road in January 2019 with commercial operations scheduled to start in mid-2019.
"These project awards and the continued success of the Gore Street Energy Storage Fund demonstrate investors' confidence in the value of energy storage as an attractive, long-term investment in a rapidly growing global market," said Steve Fludder, CEO of NEC Energy Solutions. "As a global leader in energy storage, we couldn't be happier with our role in the Gore Street Energy Storage Fund and we look forward to working with Gore Street Capital on future projects as they continue to build out their portfolio."
Alex O'Cinneide, CEO of Gore Street Capital, Gore Street Energy Storage Fund Plc. (GSF.L)'s investment adviser, commented: "We are delighted by the strong progress that Gore Street Energy Storage Fund has achieved in continuing to build the UK's first listed diversified portfolio of energy storage opportunities. The EPC contracts are an important milestone in the commercialization process and we are delighted to have secured such a highly regarded partner."
"It is honorable for us to be part of these very exciting projects together with NEC Energy Solutions. In the future, we would expect more opportunities in this market not only in the UK but also in Japan. This experience will boost our business in the near future," said Hiroyuki Akiyoshi, Director of Nippon Koei.
About Gore Street Energy Storage Fund Plc.
Gore Street Energy Storage Fund is the first publicly traded fund established to provide investors with a sustainable and attractive dividend over the long term by investing in a diversified portfolio of utility scale energy storage projects primarily located in the UK, North America and Western Europe. The fund went public on May 25, 2018 on the London Stock Exchange.
About Gore Street Capital
GSC is a private equity firm with a leading renewable investment expertise. Established in 2013, GS has provided a platform to acquire, develop and manage global renewable energy and has a highly experience management team. Gore Street has some energy storage experience – they have been behind the Cleveland Potash project in North Yorkshire for which NECES provided the equipment.
About NEC Energy Solutions
NEC Energy Solutions designs, manufactures, and integrates smart energy storage solutions for the electric grid and applications with critical power needs. Its megawatt-scale energy storage and control systems provide greater stability to the grid while maximizing renewable generation. In telecom, datacenter, and other industrial applications, its high performance lithium-ion battery systems provide better value than traditional lead-acid batteries in tough, critical power applications. With its beginnings in Massachusetts as A123 Systems, NEC ES leads the grid energy storage world in dependable, reliable and safe solutions. On May 16, 2014, NEC Corporation acquired the grid energy solutions and commercial energy systems business of A123 Systems. Learn more at www.neces.com.
About NEC Corporation
NEC Corporation is a leader in the integration of IT and network technologies that benefit businesses and people around the world. By providing a combination of products and solutions that cross utilize the company's experience and global resources, NEC's advanced technologies meet the complex and ever-changing needs of its customers. NEC brings more than 100 years of expertise in technological innovation to empower people, businesses and society. For more information, visit NEC at https://www.nec.com.
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