UK-based battery storage investor and developer Gore Street is using battery data analytics solutions to manage risk and get better insurance terms for projects in its portfolio.
The investment manager of the Gore Street Energy Storage Fund, Gore Street Capital, announced this morning that the fund has deployed German-based provider ACCURE’s cloud-based battery data analytics software.
The predictive analytics solution can reduce operational issues and the risk of fire caused by thermal runaway events, Gore Street said.
The artificial intelligence (AI)-powered software has been installed at two of Gore Street’s project sites in Britain: the 80MW Stony project which was powered last summer and market optimized by EDF; and Lower Road, a 10 MW project that came online in 2020 and has been optimized by Arenko.
A source close to the Gore Street Energy Storage Fund told a sister site Energy storage.news that this is expected to be the first deal of its kind in the UK using an analytics solution to obtain better underwriting terms. Since insurance costs for the battery energy storage system (BESS) are currently quite high, the deal could “create ripples” in the sector, the source said.
The technology was trialled at the two sites in 2022, while it will also be used on another project, the 50MW Ferrymuir BESS asset that Gore Street acquired in 2020 and is currently under construction.
Gore Street Energy Storage Fund is one of three listed UK funds focused on energy storage and investing in grid-scale front-of-the-meter (FTM) storage projects. It started in Britain, before also acquiring projects in Ireland, Germany and the ERCOT market in Texas, while the first project in California on the CAISO network is currently under construction.
“As the manager of a market-leading portfolio of energy storage assets, we are always looking for new approaches to help improve the safety and operation of the assets under our care,” said Alex O’Cinneide, CEO of Gore Street Capital.
“We are proud to have helped establish battery analysis software as a valuable tool for assessing and mitigating risk to ensure better underwriting conditions.”
To read the full version of this story, visit Energy storage.news.
