United Kingdom: Equitix-Led Group injects $675m (£500m) into new BESS platform, targeting 1 GW

A consortium led by Equitix has committed £500 million ($675 million) to launch Eelpower Energy, a spin-out from grid-scale storage developer Eelpower Limited. The new company will build, own, and operate battery energy storage systems across the UK, aiming to deliver over 1 GW of projects.

The investor line-up includes Equitix, Australia’s Aware Super, and the UK’s National Wealth Fund (NWF), which has agreed to invest up to £200 million. An Equitix spokesperson confirmed the capital is earmarked for UK projects. Eelpower Limited retains a small minority stake, and its management team has moved across to the new platform.

Eelpower Energy will immediately start construction on three sites totaling 300 MWh, and is targeting final investment decisions on up to 1 GWh of capacity by end-2025.

CEO Mark Simon said the backing would speed deployment of flexible storage, “critical to UK decarbonisation.” Chancellor Rachel Reeves welcomed the NWF commitment as supporting growth, jobs and lower bills through grid upgrades. Hugh Crossley, Equitix CEO, said the deal reflects strong confidence in the sector and the consortium’s ability to deliver complex energy projects with attractive risk-weighted returns.