Pulse Clean Energy, a startup company in the UK, receives 220 million pounds to build batteries across the UK

The British startup Pulse clean energy announced that it has secured 220 millions pounds ($292.3) in funding from six international bank to fund the development six new battery system sites throughout the UK.

In a Monday statement, it did not specify the locations of the sites, but stated that they were "strategically situated across the UK, including Scotland, Devon and Greater Manchester". The company said that the deal for financing was signed with Santander and NatWest as well as ABN AMRO Nord/LB Investec CIBC.

Why it's Important:

The UK is pushing ahead with its plans to decarbonise the electricity sector by 2030, and develop more renewable energies.

The UK aims to double its investment in clean energy industries, to at least 30 billion pounds annually, by 2035.

KEY QUOTES

Nicola Johnson, Chief Financial Officer of Pulse Clean energy, said that the investment reflects global confidence in the UK battery storage market's growth and the company's ability deliver at scale.

These six facilities not only improve grid resilience but will also save consumers money by allowing for more renewable energy to be fed into the grid, and reducing the demand for expensive backup electricity during peak periods.

By the Numbers:

Pulse Energy stated that the six new battery energy system sites would collectively have more than 700MWh in capacity and could save UK consumers more than 200 millions pounds on gas and emissions.

Pulse Energy was founded in 2022 and aims to reach a capacity of more than 2GWh by 2030.

(source: Reuters)