Eelpower has started a seven-year contract with Centrica Business Solutions for the optimisation of its battery storage plant at Leverton near Lincoln, UK.
The 10MW Leverton storage project was commissioned in 2017 in order to provide balancing services to the National Grid to facilitate the increase of renewable energy, enable the pathway to net zero and reduce energy costs for consumers.
Centrica Business Solutions will take a multi-market optimisation approach using its proprietary FlexPond™ platform, identifying opportunities to support the balancing of the grid network from months in advance right up to real time.
Eelpower is receiving a fixed guaranteed return for the seven-year term, with additional payments for every battery cycle from day one of the contract above and beyond the guarantee.
Louis Burford, Head of Optimisation at Centrica Business Solutions, said: "We know how vital battery storage will be for hitting the UK's net zero commitments, but investor confidence remains low.
"By offering guaranteed returns and ensuring that the battery is active across numerous markets, we can unlock the returns that investors require for large scale energy infrastructure projects, and importantly stay within the battery's warranty conditions."
Mark Simon, Chief Executive of Eelpower, said: "Having the certainty of return was a very attractive aspect of the proposition from Centrica Business Solutions. We've done our due diligence on their FlexPond platform and we're confident that we're putting our battery in safe hands."