February 9, 2021
Arenko, a leading software platform provider to the global energy asset automation market, is pleased to announce the signing of a new contract with Gore Street Energy Storage Fund (“Gore Street”) and the commencement of services to the electric grid. Arenko was selected by Gore Street to provide its market-leading automation platform as a route-to-market for an operational 10MW energy storage project because of its track record of breaking ground in fast-changing energy markets. Gore Street is a leading and innovative listed energy storage investor.
Arenko was chosen by Gore Street to implement its AI-driven, automated software platform to optimise and transact the battery asset, significantly enhancing the asset’s financial and technical performance. Arenko implemented its solution with validation from an independent technical expert in under a week, enabling Gore Street to maximise the value of the asset immediately. This contract with Gore Street is further evidence of Arenko’s strategic shift to being the software partner of choice for battery and renewables owners globally.
With this partnership, Arenko manages 51MW of operational assets with a further 100MW contracted and scheduled to come online over the next 18 months. Arenko believes digitally connected, highly-automated battery storage assets are an essential part of the energy transition story, helping provide instantaneous power and frequency support to the grid. The COVID-19 pandemic has increased the speed of the reshaping of the UK power network, resulting in renewable power now meeting up to 60% of daily demand and highlighting the essential role that will be played by battery storage and other flexible assets in the net zero grid of the future. Arenko’s software platform is designed to maximise the availability and profitability of energy assets and will help accelerate the transition towards a fully decarbonised power system.
Rupert Newland, Founder and CEO of Arenko Group, said:
“We are pleased to have signed the contract with Gore Street Energy Storage Fund, a leading energy storage fund. The project will see Arenko deliver technical software from its leading, AI-driven, automated software platform. We look forward to working with Gore Street and other forward-thinking asset owners to help them maximise the value of their assets in the future.”
Alex O’Cinneide, CEO of Gore Street Capital Limited, the investment manager of Gore Street Energy Storage Fund, added:
“We are delighted to announce Gore Street’s partnership with Arenko to implement their AI-driven automated software platform on one of our 10MW assets within our significant portfolio of energy storage projects. Further international investment in energy storage will be critical for meeting global renewable energy investment goals and we look forward to working closely with Arenko to maximise the efficiency of an important asset.”