Macquarie Asset Management of Australia launched a battery storage platform, Eku Energy, via its Green Investment Group unit.
Eku Energy will develop, build and actively manage energy storage. It will have 190 MWh of flexible storage capacity under construction and a further development pipeline of more than 3GWh in the UK, Australia, Japan and Taiwan.
Chris Morrison, Interim CEO of Eku Energy, said it focusses on utilising lithium-ion technology with a 1-4hr duration. Eku is technology- and supplier-agnostic, he added. Utilising proprietary technology, Eku seeks to optimise each solution to deliver the trading and grid services demanded in a range of situations.
The company expects each project in the pipeline will be financed through a combination of equity and debt. Total capex for the 3GW pipeline is estimated at $2 billion.
The initial portfolio will consolidate the Green Investment Group’s existing battery storage activities in the UK, Australia, Japan and Taiwan. Subject to receipt of relevant regulatory approvals, Eku will hold a pipeline of developed, acquired, or identified projects totalling over 3GWh, including a 150MW/150MWh project in Australia at the site of the decommissioned Hazelwood coal-fired power station in Victoria, subject to approval.
At launch, Eku will also hold one project under construction in the UK – a 40MW/40MWh facility in Essex.