PENSO POWER ANNOUNCES LONG-TERM PARTNERSHIP AGREEMENT WITH BW GROUP
19 October 2021
PENSO POWER SECURES INVESTMENT FROM BW GROUP TO ACCELERATE BUILD-OUT OF LARGE-SCALE BATTERY STORAGE IN THE UK
Funding to build more than 3GWh of battery energy storage projects by 2025
Penso Power, the originator and developer of Europe’s largest operational battery storage scheme (the 100MW Minety project in Wiltshire) has signed a joint venture agreement with BW Group, the global maritime group with interests in shipping, infrastructure, energy and digital connectivity. The agreement will see BW commit capital to fully fund the build-out of Penso Power’s pipeline of more than 3GWh of large-scale battery storage projects in the UK over the next 3-5 years, including projects up to 350MW in connection capacity.
Under the agreement, Penso Power and BW Group will become joint shareholders at the battery project level. BW Group will also invest directly into Penso Power to become a significant shareholder with Erik Strømsø, Managing Director of BW Renewables and a member of BW Group’s Executive Committee, joining Penso Power’s board of directors.
Richard Thwaites, Chief Executive of Penso Power said: “We are delighted to have forged this important partnership with BW Group, not only one of the world’s leading maritime and energy companies but an organisation with the highest standards of governance and a strong sustainability agenda. With BW Group as our partner, we will accelerate the development and construction of our UK project pipeline, which currently exceeds 3GWh, and explore further project opportunities in the UK and overseas.”
Commenting on the strategic significance of the investment, Richard Thwaites added: “We consider energy storage to be a key enabler of the energy transition. BW Group’s commitment is a coming of age for the UK battery storage market: a blue-chip international company deploying very significant amounts of capital to build a substantial portfolio of large-scale battery storage projects in the UK. We view the deal – considerably larger than anything else seen in the UK to date - as transformational for ourselves and indeed the UK market.”
Erik Strømsø, Managing Director of BW Renewables said: “We are excited to be investing in Penso Power, one of the pioneers of the UK battery energy storage space. BW has a long history as an investor in the energy value chain and a growing portfolio of sustainable energy investments, including offshore wind, floating wind and solar. We first invested in battery energy storage in 2013 with a shareholding in Corvus Energy, which is the world’s leading supplier of batteries to the maritime industry, and we remain strong believers in the technology as an enabler of the sustainable energy transition.”
“We were motivated to invest in Penso given the calibre of the management team, their track record in utility-scale battery storage development, and their commercial success with the Minety project. Following this first investment into the UK energy storage market, we look forward to working in partnership with Penso Power to deploy a large portfolio of further projects.”
Penso Power was advised by the law firm CMS Cameron McKenna Nabarro Olswang. BW Group was advised by the law firm Bird & Bird.
For further information:
Penso Power (www.pensopower.com)
Richard Thwaites, CEO: +44 (0)7768 823673 / firstname.lastname@example.org
Paul Taylor, Taylor Keogh Communications: +44 (0)7966 782611 / email@example.com
BW Renewables (www.bw-group.com)
Erik Strømsø, Managing Director: +65 90237937 / firstname.lastname@example.org
Notes to editors:
BW Group is a leading global maritime company involved in shipping, maritime infrastructure, and new sustainable technologies. Founded in 1955, BW controls a fleet of over 400 vessels and other floating assets, including oil production, gas import terminals, wind-farm installation, and sustainability-linked investments in solar, batteries, biofuels and water treatment. Since 2013, BW Group has been the largest shareholder of Corvus Energy, the world’s leading supplier of battery energy systems for the maritime space. BW has nine publicly listed affiliates on the Oslo and New York Stock Exchanges, and the group’s main operating centre is in Singapore. For more information, visit www.bw-group.com.