BW ESS and Penso Power partnered on the seven-year tolling agreement for the 100MW/330MWh Bramley BESS in Hampshire. Image: BW ESS.

Global energy storage owner-operator BW ESS has announced a strategic merger with UK-based Penso Power in a move designed to strengthen its position in the energy storage sector, both in the UK and internationally.

BW ESS and Penso Power have partnered on a number of recent battery storage deals, including a Sungrow BESS supply deal for the 350MW/1750MWh Hams Hall energy storage project in North Warwickshire and Great Britain’s first long-term tolling agreement for a single battery energy storage system (BESS) with Shell Energy Europe.

BW ESS was already the major stakeholder in Penso Power. This merger will see BW ESS acquire the remaining shares in the UK company. Penso Power’s founders will become BW ESS shareholders, while also being appointed to the senior management team.

BW ESS has over 1GWh of projects under construction in the UK, Sweden and Australia, working with strategic partners in these territories to grow a ‘multi-gigawatt development pipeline’. That pipeline, combined with Penso Power’s 2GW Australian and UK roster means the entity now holds approximately 5GW across its territories.

BW ESS is part of BW Group, a global maritime company founded in 1955 that cites shipping, floating infrastructure, deepwater oil and gas production and new sustainable technologies among its operations. The merger seeks to enhance the company’s energy storage capabilities and solidify its presence within the renewable energy market.

Exponential growth

With Penso Power’s established UK footprint, the merger aims to take advantage of the UK energy storage market’s exponential growth. As of July 2024, operational capacity stood at 4.6GW/5.9GWh and was projected to increase to 7.4GW/11.6GWh by the end of 2024. The partnership is also likely to open up new opportunities for BW ESS across Europe.

“I’m excited to welcome the whole Penso Power team as fully-fledged colleagues”, said Erik Strømsø, CEO of BW ESS. “With their expertise and experience onboard, we are a meaningful step closer to achieving our mission of unlocking the value of energy storage, which is crucial to enabling and accelerating the energy transition.”

Richard Thwaites, CEO of Penso Power, added: “Penso Power is proud to be a pioneer in grid-scale energy storage since 2017. Our partnership with BW ESS since 2021 has enabled us to build out the Penso Power team and enter new markets in Italy and Australia. This transaction completes the evolution of the Penso Power business to become part of a global energy storage platform.”

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