Some of you will be aware that Storelectric is considering its funding strategy. We are preparing for a further investment round, to enable us to take a first project to “shovel ready” and to help prepare the groundwork for further developments, some of which could be quite significant. In due course we intend to make available an update of our Information memorandum and this will represent the latest appraisal of the board on strategy, tactics, key developments and short long term prospects. In the immediate short term we will discuss with our funding network and try to ensure all email communication is vetted and approved by Storelectric before circulation.
Taking a plant to “shovel ready” is the key enabler for the technology and business: we have expressions of interest in funding its construction, and lots of further verbal expressions of interest in financing follow-on plants world-wide. Therefore, taking this next step is likely to lead to very strong growth in the business. Making a breakthrough on the first project is always the key first challenge.
Storelectric is in discussions with a number of potential partners for both location and selection of the type of plant they wish to build first: they have expressed interest in all types; the main issue is which is first.
Storelectric is also fielding active enquiries from America, SE Asia and the Middle East, as well as developing a stronger pipeline in the UK. These opportunities are at different stages of development with different companies and helps broaden our project pipeline. Again, the key is the first…
Someone is Impersonating Us
We are aware that information has been circulating in our name, some sanctioned by Storelectric and others not. The un-sanctioned communications uses ancient and erroneous information. We ask that every one remains vigilant and checks directly with Storelectric if they receive information that may appear suspicious.
Note: in the original newsletter we named someone as a source of such communications, whereas instead he was honourably and honestly notifying us about them. We apologise for this error.
In the News Again
TechRound, an online magazine looking at Tech and Startup firms, is publishing a brief interview with Mark on Friday 25th June.
UK Investment Bank
The UK Investment Bank is up and running now. It may well be of use to Storelectric as its purpose is (among other things):
- Achieving a double-bottom line, whereby investments help to achieve the core policy objectives to tackle climate change and support regional and local economic growth, whilst generating a positive financial return;
- Partnership with private and public sector institutions and other stakeholders to finance and support infrastructure investment;
- Additionality: prioritise investments where there is an undersupply of private sector financing and, by reducing barriers to investment, crowd-in private capital;
- Impact and credibility: the Company will be a long-lasting institution and able to provide long-term patient capital through its investments.
It is not yet clear how the inherent conflict will be resolved between “additionality” and its application of common banking principles (“must … take into account … the relevant Green Book guidance when appraising investment opportunities”), but we hope that it will be able to invest in first-of-a-kind and merchant plants.
Storelectric has been awarded Most Outstanding Renewable Energy Storage Solutions Provider – UK by the 2021 Global Business Insight Awards – yet another award validating our solutions.
Storelectric has also been selected as finalists in the Energy Tech Challengers competition, from over 300 entrants. Although the category is entitled “Top 10 Battery Challengers”, in fact it’s “… Storage Challengers”.
Thought Leadership Blog
Developers of every technology publish information that emphasises their virtues while de-emphasising other aspects – which is natural. But this makes it hard for investors, grid operators and regulators to compare them and to assess their benefits and costs. In this month’s blog, Mark looks at how to compare different storage on a like-for-like basis.