Ingenious-backed Argonaut Power announces partnership with Connected Energy to provide fully financed energy storage solutions using second life EV batteries
Flexible energy solution provider Argonaut Power is delighted to announce a partnership with Connected Energy, the UK supplier of second life battery storage systems. The two companies will work closely to offer fully funded energy storage solutions to commercial and industrial customers, enabling them to reduce electricity costs and improve system resilience.
E-STOR, the new energy storage systems manufactured and supplied by Connected Energy, will be fully funded and managed by Argonaut Power. E-STOR energy storage systems utilise second life Renault electric vehicle (EV) batteries to provide cost effective stationary energy storage.
One of the first partnership projects will be the installation of behind-the-meter storage for a water utility in the north of England, to reduce its red zone cost via TRIADs and DuoS avoidance. This customer will further benefit from sharing part of the total revenues generated by the battery, including the revenue from capacity market and frequency regulation services.
By combining a unique mix of technical and contractual elements, Argonaut Power and Connected Energy have created a comprehensive product offering which can be modified according to a client’s strategic objectives.
Roberto Castiglioni, Managing Director of Argonaut Power commented: “Argonaut Power is delighted to begin working with Connected Energy using its E-STOR technology. This will enable us to supply fully funded, sustainable energy solutions for up to 30 years ahead. Heavy energy users in particular can hugely benefit from our product as not only we can offer energy storage but also onsite generation under long term fixed price to further reduce energy cost and carbon footprint.”
Matthew Lumsden, CEO of Connected Energy said, “We are very pleased to be working with Roberto and his team. Teaming up with Argonaut provides further credibility to our E-STOR technology.”
Helena Anderson of Ikigai Capital provided financial strategy advice to Connected Energy.