A €5m investment in a Campile energy storage company has been announced.
The Ireland Strategic Investment Fund is investing €10m in Gore Street Energy Storage Fund as the company makes significant positive progress on the delivery of its battery storage assets in Ireland. The ISIF said the €10m investment is part of a potential €30m investment commitment.
Gore Street's Irish assets are in Kilmannock, located between Great Island and Dunbrody Abbey, and Portersdown, near Kill in Co Kildare, Both sites secured six-year revenue contracts in EirGrid's first ever competitive DS3 auction for battery storage held last month.ISIF's investment will be used to part-fund the capital expenditure needed to complete the projects in full. The assets are expected to be fully operational in 2021.
The battery storage facilities are mainly used to store power for release when needed, particularly during periods of electricity system stress. This was traditionally provided by fossil fuel burning plants. The ISIF said that batteries provide a carbon-free solution that is increasingly required as higher levels of power are contributed by windfarms.