DNV GL acts as technical advisor on 19MW battery storage acquisition

• DNV GL’s storage expert provided guidance to world’s first publicly listed battery storage fund for Gore Street Energy Storage Fund Plc
• Project included technical due diligence and risk assessement to ensure future revenue streams can be met

London, UK – 23rd October 2018 – DNV GL today announced that it acted as technical advisor to Gore Street Energy Storage Fund Plc (“GSF”) ahead of the company’s 19MW battery storage acquisition from Origami Energy. Private equity investor, Gore Street Capital is the investment adviser to Gore Street Energy Storage Fund, the world’s first publicly listed battery storage fund. GSF’s latest acquisition of the 10MW Lower Road U.K. project in Essex and the 9MW Port of Tilbury brings its total portfolio to 27MW across four projects.

DNV GL’s team of energy storage experts provided technical advice and due diligence during negotiations with Origami Energy and the battery supplier, which featured an independent engineering review of the technical details of the project and associated companies. The project focussed on the technical risks to ensure that future revenue streams can be met.

DNV GL’s annual report, the Energy Transition Outlook, forecasts a very significant growth in battery capacity installed specifically to cope with variable renewables: around 50 TWh by 2050.

Speaking about the projects, Alex O’Cinneide, CEO of Gore Street Capital said: “We are excited about the opportunities presented by these two high quality projects to generate a reliable and robust income opportunity for GSF’s investors in this growing new renewable technology infrastructure market”

Prajeev Rasiah, Executive Vice President for DNV GL’s Energy business in Northern Europe, Middle East & Africa said; “It was a pleasure to support Gore Street Capital with this transaction. Energy storage is one of the central elements of our own strategy and we see it playing an increasingly important role in the energy system. Gore Street Capital has great aspirations for deploying storage and DNV GL is very excited to be supporting the team in delivering those goals.”

About DNV GL

DNV GL is a global quality assurance and risk management company. Driven by our purpose of safeguarding life, property and the environment, we enable our customers to advance the safety and sustainability of their business. We provide classification, technical assurance, software and independent expert advisory services to the maritime, oil & gas, power and renewables industries. We also provide certification and supply chain services to customers across a wide range of industries. Operating in more than 100 countries, our experts are dedicated to helping customers make the world safer, smarter and greener.

DNV GL in the power and renewables industry

DNV GL delivers world-renowned testing and advisory services to the energy value chain including renewables and energy management. Our expertise spans onshore and offshore wind power, solar, conventional generation, transmission and distribution, smart grids, and sustainable energy use, as well as energy markets and regulations. Our experts support customers around the globe in delivering a safe, reliable, efficient, and sustainable energy supply.

About Gore Street Energy Storage Fund plc

Gore Street is London’s first listed energy storage fund and seeks to provide shareholders with a significant opportunity to invest in a diversified portfolio of utility scale energy storage projects. In addition to growth through exploiting its considerable pipeline, the Company aims to deliver consistent and robust dividend yield as income distributions to its shareholders.