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Origami Energy shapes BESS investment deals

Mon, 10/01/2018 - 00:00 -- Hugh Finzel
Alex O’Cinneide, CEO of Gore Street Capital with Peter Bance, CEO of Origami Energy

London based technology company Origami Energy has signed a major deal to connect and control 19 megawatts of British battery energy storage systems.

The storage assets comprise a 9MW ‘behind the meter’ system at London’s Port of Tilbury, and a 10MW ‘front of the meter’ asset in Brentwood, Essex. Origami Energy has sold the rights to build and operate these projects to the Gore Street Energy Storage Fund (GSESF).

Origami Energy has carried out feasibility studies for both projects and construction is expected to start this month. The assets are scheduled to be operational in the second quarter of 2019.

Origami Energy CEO Peter Bance (pictured right) said: “Gore Street’s investment further validates our approach to help accelerate the deployment of high-quality distributed energy assets. [It] demonstrates the value that key energy market actors place on using our intelligent technology to build a strong business case around these assets.”

In March 2018, BEST Battery Briefing reported that GSESF was set to raise US$139 million in an independent public offering.

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