Triodos Energy Transition Europe Fund commits EUR 11.25 million in next phase of partnership with GridBeyond

PRESS RELEASE

Dublin, 18 November 2024 – Triodos Energy Transition Europe Fund and GridBeyond are expanding their partnership via their joint venture GridBeyond Storage to accelerate the roll-out of Behind-the-Meter (BTM) battery energy storage systems (BESS) across the UK and Ireland. The fund commits EUR 11.25 million in this next phase, as part of a combined new investment of EUR 12.5 million in GridBeyond Storage.   

Driving new energy projects
Following a successful first two years of the partnership, both parties are committing to continued investment in this joint venture to drive the development of new energy projects. Building on recent success, GridBeyond Storage is now preparing to fund two ready-to-build BESS projects in Ireland and Scotland, totalling 8MWh. In parallel, GridBeyond Storage is exploring other cutting-edge opportunities, such as BTM solar PV and electric vehicle (EV) charging projects for commercial and industrial customers. 

To a net-zero future
Michiel van Beek, Head of Project Equity at Triodos Investment Management: “We are very pleased to be extending our relationship with GridBeyond following a positive first two years working together. This next phase of our partnership is a highly promising development for our fund and our investors. By continuing to invest in BESS projects in the UK and Ireland, we are not only accelerating to a net-zero future, but also positioning the fund to benefit from the growing demand for flexible energy solutions. The potential addition of BTM solar PV and EV charging projects further strengthens our portfolio with innovative technologies that align with the global push for decarbonisation, offering strong risk-adjusted returns. This collaboration keeps us at the forefront of sustainable energy investment.”

GridBeyond Deputy CEO Richard O’Loughlin said: “We are delighted to evolve our collaboration  with our partners at the Triodos Energy Transition Europe Fund. This partnership has already allowed us to deliver innovative battery storage solutions for our industrial and commercial customers in Ireland and the UK. It’s great to have the opportunity to deliver further flexible energy across the UK and Ireland to support the energy transition journey to a net-zero future. As more renewables are integrated into the energy market, batteries are a great asset, which can provide our Industrial and Commercial customers with more resilience, mitigate risk of power interruption, support grid connection challenges and deliver ultimately deliver value for our customer also through cost savings and carbon reduction. At the same time the evolution of our offerings with solar PV and EV smart management projects expands furthermore our ability to support our Customer’s decarbonisation goals.”

About this partnership
In 2022, Triodos Energy Transition Europe Fund and global smart energy solutions company GridBeyond entered into a 50/50 joint venture to develop Behind-the-Meter (BTM) storage projects for reputable commercial and industrial customers in the UK and Ireland. This resulted in the incorporation of a new entity GridBeyond Storage Limited in Ireland that realised two BTM projects in the UK and Ireland. The first project comprising of a 1.1MWh BESS asset at Carey Glass in Ireland has been operational since March 2023. The second project comprising of a 8.3MWh BESS asset is at O-I Glass in Scotland and is currently in the construction phase with an expected commissioning date in January 2025.