Santander, the Spanish banking giant, is investing close to $35 million (28.5 million Euro) in London-based Battery Energy Storage Solutions (BESS). The investment will go towards constructing and operating a grid-scale battery storage portfolio of 100 megawatts by the end of the year.
According to cleantechnica.com, the investment in BESS is an effort to support Santander’s plans to become one of the UK’s largest independent owner-operators of battery storage assets and to meet their short-term strategy of building and operating a portfolio of 100 MW worth of grid-scale battery storage assets by the end of 2018.
The timing of Santander’s investment — and that of the creation of BESS itself — stems from efforts to capitalize on the booming energy efficiency and energy storage industries across the UK.
The Global Energy Storage Market
Just this week, Siemens and AES Corp. announced they are forming a new global energy storage technology and services company named Fluence. Fluence will combine AES Advancion and Siemens Siestorage energy storage platforms with expanded services, with the aim of helping customers better navigate the energy storage sector.
In December, the Long Beach Water Department (LBWD) announced a partnership with Advanced Microgrid Solutions (AMS) to build the first advanced energy storage system for the department’s Groundwater Treatment Plant. The 500 kW/3,000 kWh energy storage project will be part of a network of batteries in the Long Beach area that will provide grid services to Southern California Edison, help integrate solar capacity on the grid, reduce greenhouse gasses and provide energy cost savings and operational efficiencies to the City and Water Department.
Also last month, grants totaling $20 million were awarded to 26 projects that will develop the Massachusetts’ energy storage market. The programs are positioned to deliver benefits to the Massachusetts’s ratepayers and the electrical grid. The awarded projects will benefit 25 communities and draw in $32 million in matching funds, helping to grow the Commonwealth’s energy storage economy.
Mark your calendars: The 3rd Annual Environmental Leader & Energy Manager Conference takes place May 15 – 17, 2018 in Denver. Learn more here.