Latest news with #Pulse Clean Energy
Yahoo
5 days ago
- Business
- Yahoo
Pulse Clean Energy secures $292m for six UK battery storage systems
British startup Pulse Clean Energy has secured a financial package of £220m ($292.3m) from a consortium of international banks for the establishment of six new battery storage systems (BSS) sites in the UK. The financing agreement was reached with banking institutions ABN AMRO, CIBC, Nord/LB, Investec, NatWest and Santander, as reported by Reuters. The six planned BSS will provide more than 700 megawatt hours (MWh) of capacity collectively and could result in savings exceeding £200m for UK consumers through reductions in gas usage and emissions. Their locations have not been disclosed by Pulse Clean Energy, but Scotland, Devon, Greater Manchester and Wales have been mentioned as possible sites. These strategically placed facilities will strengthen Britain's efforts to decarbonise its electricity sector by 2030 and expand renewable energy resources. The UK government aims to double its current spending levels in clean energy industries to more than £30bn annually by 2035. Pulse Clean Energy chief financial officer Nicola Johnson stated: "This landmark investment reflects strong global confidence in the growing UK battery storage market and in Pulse Clean Energy's ability to deliver at scale. "These six facilities will not only strengthen grid resilience but also unlock significant cost savings for consumers by allowing more renewable power onto the grid and reducing the need for expensive backup power during peak periods." Founded in 2022, Pulse Clean Energy has set a target of more than 2GWh of operational capacity by the next five years. In March 2025, the company commissioned a 42MW/100MWh battery energy storage system in Hyde, Manchester. The project was funded through Pulse Clean Energy's £175m credit facility, which involved Santander, CIBC, Investec and the National Wealth Fund, along with equity contributions from the Investment Management Corporation of Ontario. "Pulse Clean Energy secures $292m for six UK battery storage systems" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
6 days ago
- Business
- Reuters
Startup firm Pulse Clean Energy gets 220 mln pounds to build battery storage across UK
Aug 4 (Reuters) - British startup Pulse Clean Energy said it had secured 220 million pounds ($292.3 million) in financing from six international banks to fund the development of six new battery storage system sites across the UK. In a statement on Monday it did not say where the sites are but said they were "strategically located across the UK in areas including Scotland, Devon, Greater Manchester, and Wales". It said the financing deal was signed with Santander ( opens new tab, NatWest (NWG.L), opens new tab, ABN AMRO ( opens new tab, Nord/LB, Investec and CIBC. WHY IT'S IMPORTANT: The planned development of these new battery storage sites comes as Britain pushes on with plans to decarbonise its electricity sector by 2030 and develop more renewable energy. Britain is aiming to, at the very least, double its current investment levels across the clean energy industries to more than 30 billion pounds per year by 2035. KEY QUOTES: "This landmark investment reflects strong global confidence in the growing UK battery storage market and in Pulse Clean Energy's ability to deliver at scale," the company's Chief Financial Officer Nicola Johnson said. "These six facilities will not only strengthen grid resilience, but also unlock significant cost savings for consumers by allowing more renewable power onto the grid and reducing the need for expensive backup power during peak periods." BY THE NUMBERS: The six new battery energy storage system sites will collectively provide more than 700MWh of capacity, and should create more than 200 million pounds worth of gas and emissions savings for UK consumers, Pulse Energy said. Pulse Energy, founded in 2022, aims to have more than 2GWh of operational capacity by 2030. ($1 = 0.7526 pounds)
