UK-headquartered battery storage investor-developer Gore Street is using battery data analytics solutions to manage risk and get improved insurance terms on projects in its portfolio.
Gore Street Energy Storage Fund’s investment manager, Gore Street Capital, announced this morning that the fund has deployed the cloud-based battery data analytics software from Germany-headquartered provider ACCURE.
The predictive analytics solution is able to reduce operational issues and the risk of fires caused by thermal runaway events, Gore Street said.
The artificial intelligence (AI) driven software has been onboarded at two of Gore Street’s project sites in the UK: the 80MW Stony project which was energised last summer and is optimised in the market by EDF; and Lower Road, a 10MW project which went online in 2020 and is optimised by Arenko.
A source close to Gore Street Energy Storage Fund told sister site Energy-Storage.news that this is thought to be the first deal of its kind in the UK to leverage an analytics solution to get improved insurance terms. With battery energy storage system (BESS) insurance costs currently quite high, the deal could “create ripples” through the industry, the source said.
The technology was tested at the two sites in 2022, while it is also set to be used at another project, the 50MW Ferrymuir BESS asset which Gore Street acquired in 2020 and is currently under construction.
Gore Street Energy Storage Fund is one of the UK’s three stock exchange-listed funds dedicated to energy storage assets, investing in front-of-the-meter (FTM) grid-scale storage projects. It started off in the UK, before also acquiring projects in Ireland, Germany and Texas’ ERCOT market, while its first project in California on the CAISO grid is currently in 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 operations of the assets under our care,” Gore Street Capital CEO Alex O’Cinneide said.
“We’re proud to have helped establish battery analytics software as a valuable means of assessing and reducing risks to secure enhanced insurance conditions.”
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