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New JV offers UK businesses free energy storage

Renewable energy investment company, Thrive Renewables, and global developer of renewable energy projects, Aura Power, are launching a joint venture today (14 June) that will offer thousands of UK businesses the chance to use battery energy storage systems to cut electricity bills at no cost to themselves.

The joint venture (JV) will install and operate batteries for medium and large energy users free of charge in return for a share of revenues.

It is targeting thousands of businesses spending £500,000 a year or more on electricity. Over 8,000 businesses in the UK have annual electricity contracts of 10GWh or more and are likely to be spending at least £1 million a year, according to energy market analysts Cornwall Insight. The number with £500,000 annual bills is likely to be far larger.

According to the JV, customers with a mid-range 2MW battery could save more than £1 million over a 15-year standard contract.

Matthew Clayton, Managing Director of Thrive Renewables, explained: “We are offering businesses a straight forward solution. We take the investment risk, manage the development, and operate the battery to maximise mutual returns. We agree a contract with the customer, they can get on with their core business and save tens of thousands from year one.

“Increasing flexibility in the UK’s electricity system is key to the continued transition to a cleaner, smarter energy network.”

Simon Coulson, Director of Aura Power, added: “We are seeking clients with whom we can develop a long-term partnership. We have a good product and strong financial backing, and we are already in advanced talks with several clients including a large dairy, a food processor and a tile manufacturer.”

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