August 29, 2025: A consortium backed by partners including global fund manager Equitix is to invest £500 million ($674 million) to build, own and operate BESS facilities in the UK.

Equitix said on August 27 it was teaming up with Australian superannuation fund Aware Super and the UK National Wealth Fund to launch the ‘Eelpower Energy’ platform.

The business will build, own, and operate grid-scale BESS assets and aims to deliver over 1GW of new battery storage capacity for the UK grid in the coming years.

Eelpower CEO Mark Simon said the move would accelerate the rollout of flexible energy storage assets across the country.

The National Wealth Fund, the government’s principal investor and policy bank, is committing up to £200 million into the platform. The fund operates as a strategic investor, aiming to crowd in private capital by taking cornerstone positions in commercially viable projects.

The launch of Eelpower came just days after Pulse Clean Energy said it had secured £220 million to expand its BESS infrastructure development in the UK.

Batteries International reported earlier in August that Pulse’s green finance deal, underpinned by a consortium of six international banks, was one of the largest such financing agreements in the UK for BESS infrastructure.