hrive Renewables and Aura Power collaborate on new business battery storage venture
Clean energy businesses Thrive Renewables and Aura Power have announced a new partnership to provide battery energy storage to UK companies at no cost in return for a share of business revenues.
Businesses which confirm their involvement in installing the battery units will be capable of saving money by avoiding peak time grid charges as well as earning additional revenue from the batteries by selling flexibility services back to the grid. Thrive Renewables and Aura Power would take a share of the resulting revenue in return for installing and maintaining the battery system.
Matthew Clayton, the managing director of Thrive Renewables explains that they are offering a simple solution for businesses.
Clayton emphasises they (Thrive and Aura) will effectively take the investment risk, manage the development and operation process to ensure maximum returns for all parties.
Clayton went on to explain that the service will facilitate the progression of the battery storage industry within the UK, supporting the grid and its ability to handle higher levels of intermittent renewable energy. Clayton highlights that improving the flexibility of the UK electricity network is essential to maintain the transition towards a cleaner, smart energy system.
According to Thrive Renewables, the resulting benefits of the battery system in energy cost savings and revenue from the grid will be allocated between Thrive, Aura and the client involved. According to the media group, Business Green, businesses expect to retain approximately 85% of revenues, passing up to 15% of returns back to the client.
Thrive and Aura has forecast that companies could save in excess of £1 million over a 15-year agreement with a 2MW installed battery. It is believed that the service will be targeted at larger businesses which spend in excess of £500,000 annually in electricity. Thrive and Aura has stated that several larger businesses have already shown their interest in the offer.
SOURCE: Mint Selection