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47% of something in here thank you 26% 15% NETWORK / 21 / JUNE 2016 T H E S T O R A G E T I M E L I N E B R E A K I T D O W N : 5 E N E R G Y S T O R A G E D E V E L O P M E N T S The energy storage market took notable steps forward in May, with new entrants, new services and new investment. Gearing up for smart metering The race to gain market position got into full swing as established player Powervault announced a second generation product ready for the introduction of smart tariffs after 2017. Powervault was joined by automotive giant Nissan with its domestic storage offering in partnership with Eaton. Xstorage, available to pre-order from September, re-uses batteries from Nissan's electric vehicles. Powervault has also been working with Nissan and expects to launch the cheapest and greenest storage offering, also using second life batteries, later this year. Investment Powervault has repeatedly made headlines this month as its latest crowdfunding campaign achieved its £750,000 target in just seven days, helped by investors such as Green Angel Syndicate, the UK's only specialist clean tech investor, whose members include former SSE chief executive Ian Marchant. Powervault amassed over £1.2 million at the close of the initial campaign, which was extended by two weeks. In grid- scale storage, lithium ion energy storage developer Hyperdrive Innovation secured £3.2 million from venture capital fi rms Hamilton Capital Partners and Rivers Capital to expand its range before it launches two modular battery systems later this year. V2G charging EVs could be used to balance the system by charging when demand is low and supplying energy back to the grid at peak times. Past innovation projects have determined that EV batteries could be available to the grid as much as 95% of the time. Automotive designer Nissan launched the fi rst V2G trial in the UK in partnership with grid technology company Enel. It will place 100 V2G charging units across the UK at points agreed with Nissan LEAF and e-NV200 electric van owners so they can sell energy back to the grid. Business models Although energy storage is still in its infancy, one thing that is already established is the need for storage assets to tap into multiple revenue streams. A battery providing a single function is unlikely to stack up fi nancially. Innovate UK is working with the Electricity Storage Network, with input from Decc, to develop a template document to describe the commercial readiness of fi ve storage deployment scenarios. To understand the potential benefi ts to its business customers, Eon has launched a trial of a 5kW demonstration system installed at a customer's site, and UK Power Networks is about to publish the business case of storage for energy networks. Frequency response One potential revenue stream is in frequency response for National Grid. The company has signed a four-year deal with Renewable Energy Systems to provide frequency response within one second of a frequency deviation to help National Grid balance the system. The service is a forerunner to the 200MW of enhanced frequency National Grid will tender for in 2016. UKPN said at Utility Week Live that networks could be facing a scenario of storage assets being connected to distribution networks purely for frequency response purposes, with no other benefi ts to the DNO. Domestic energy storage company Powervault achieves over £1.2m of in- vestment on crowdfunding platform crowdcube, 160% of its £750,000 target. Renewable Energy Systems signs a four-year deal with National Grid to use battery storage systems to provide 20MW of frequency response. Energy supplier Eon to explore the benefi ts of energy storage for business customers with a 5kW demonstration redT vanadium redox fl ow system at a customer site. Nissan partners with Enel to launch the UK's fi rst vehicle-to-grid storage trial, with plans to place 100 V2G units across the country. Carmaker Nissan – with Eaton – enters the domestic storage market with its Xstorage product using second life EV batteries. Lithium ion energy storage developer Hyperdrive Innovation secures £3.2 million of investment to expand its range before the launch of two modular battery systems. Large-scale energy storage developer Camborne Energy announces two new strategic partnerships to drive a signifi cant rollout over the next two years. Powervault launches the second generation of its domestic storage product ready for smart tariffs after the smart meter rollout. APRIL 10 10 26 10 10 25 24 11 MAY 100 V2G UNITS NEW ENTRANT SMART METER READY £1.2M