Downing Invests In £1.6BN Electric Vehicle Battery Network

May 29, 2018 · bqlive.co.uk

1527235353436.jpg  downing invests in  1 6bn electric vehicle battery network

The investment manager will provide key investment in the initial stage of a world-first 2GW network of grid-scale batteries and rapid electric vehicle (EV) charging stations across the UK.

The batteries will serve a dual purpose, providing the infrastructure for rapid EV charging technology while also being capable of storing enough power to supply 235,000 average homes for a day.

This storage capability creates a key resource for the National Grid, allowing it to better manage increasing supply and demand issues.

Downing aims to provide funding for the first battery project, which will be built on the south coast of England and operational by the middle of 2019.

Downing also plans to raise institutional funding to progress the network rollout.

Pivot Power aims to have operational batteries at 10 sites from 18 months’ time, subject to planning approval.

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