British energy developer Penso Power has signed a new agreement with global maritime group BW Group. BW Group will provide full funding for the battery energy storage system Penso Power plans to deploy in the UK.

Penso Power plans to deploy large-scale battery energy storage projects of more than 3GWh in the next 3 to 5 years, including a 350MW battery energy storage project. The agreement will enable Penso Power and BW Group to become joint shareholders in these battery projects.

In addition, BW Group will directly invest in Penso Power and become an important shareholder. Erik Strømsø, general manager of BW Renewables, a subsidiary of BW Group's renewable energy business and member of the BW Group Executive Committee, will join Penso Power’s board of directors.

Richard Thwaites, Chief Executive Officer of Penso Power, said, "The BW Group’s investment commitment will promote the UK’s battery energy storage market to become more mature, so we can build more large-scale battery energy storage project portfolios in the UK. We think this deal will be both for ourselves and the UK. The market is transformative, which is much larger than any other project deals seen in the UK so far."

The industry media asked Penso Power about the exact amount of investment, but was told that the agreement was open-ended, and no exact figures have been given.

Penso Power has experience in developing battery energy storage systems, and its Minety battery energy storage system with an installed capacity of 100MW has been fully operational in July. The project consists of two battery energy storage systems with an installed capacity of 50MW each, and plans to expand the scale by another 50MW. Sungrow provided the NCM and LFP battery energy storage systems for the project. These energy storage systems have a high degree of integration, which minimizes the floor space, shortens the commissioning time, and reduces the energy storage deployment cost by 5%.

The Minety energy storage project will be funded by China Huaneng Group and CNIC, and Shell Energy Europe signed a long-term power purchase agreement for the project in early 2020.

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