Eelpower has announced its participation in a new consortium with Equitix, Aware Super, and the UK’s National Wealth Fund (NWF) to invest £500 million in a new battery storage platform in the UK, aiming to deliver more than 1 GW of new capacity to the grid in the coming years.

The new platform, Eelpower Energy, will build, own, and operate grid-scale battery storage assets. Eelpower will hold a minority stake and will immediately begin construction on 300 MWh across three projects, with plans to reach final investment decisions on up to 1 GWh by the end of 2025.

UK Chancellor Rachel Reeves said the project “will cut bills, support well-paid jobs, and generate more income for workers. This is our Change Plan in action—driving long-term economic growth and future jobs through joint investment with the private sector, as shown by this agreement with one of Australia’s largest funds.”

Eelpower Energy CEO Mark Simon stressed that “battery storage is essential to unlocking abundant, low-cost renewable energy. Without it, the energy transition cannot succeed.”

Equitix, a leading infrastructure investor and manager, led the consortium in partnership with Aware Super, one of Australia’s largest pension funds (A$200 billion AUM, 1.2 million members). Hugh Crossley, CEO of Equitix, said the £500 million investment reflects “confidence in the long-term value of the sector,” highlighting its potential to deliver stable returns, local impact, and cleaner energy infrastructure.

Damien Webb, Deputy CIO of Aware Super, noted: “This investment reinforces our commitment to the UK’s energy transition. Partnering with Equitix and the NWF builds on our UK and European infrastructure portfolio, which includes Forth Ports and EuNetworks, and underlines our confidence in the role of battery storage in delivering cleaner and more resilient systems.”

The National Wealth Fund has committed up to £200 million as part of its role as a strategic investor to attract private capital into commercially viable clean energy projects. Interim CEO Ian Brown said battery storage is “crucial to integrating renewables into the UK grid” and a top priority for the Fund.

Energy Minister Michael Shanks added: “This investment demonstrates our commitment to scaling up battery storage to unlock Britain’s renewable potential. Every new facility will help protect households and businesses from price volatility and support our Clean Power 2030 mission.”

Eelpower was advised by Etara (corporate finance), Gowling WLG and Burges Salmon (legal), Jamiesons (administration), and Alvarez & Marsal (tax).