(Alliance News) - Harmony Energy Income Trust PLC on Monday said its first portfolio project, a battery energy storage system, has been successfully energised and is now online.

The London-based investment company focused on energy projects said its Pillswood project of 98 megawatts /196 megawatt hours is the largest battery energy storage assets project in Europe by megawatt hours.

Situated near Hull in East Yorkshire, England, the Pillswood project employs Tesla 2-hour Megapack technology systems and has the capacity to store up to 196 megawatt hours of electricity in a single cycle, Harmony Energy said.

The project will be operated through Autobidder, Tesla's algorithmic trading platform.

"The project will provide critical balancing services to the Great Britain electricity grid network, underpinning energy security and enabling the replacement of coal and gas power stations with renewable power sources as we transition to a Net Zero future," Harmony Energy said.

Alongside the Pillswood project, Harmony Energy has five battery energy storage systems under construction, with energisation dates between now and October 2023, as well as three new pipeline projects. When these are acquired, Harmony Energy said they will increase the company's overall portfolio to nine projects with a total capacity of around 500 megawatts/1 gigawatt hours.

"Battery energy storage systems are essential to unlocking the full potential of renewable energy in the UK. These projects are not supported by taxpayer subsidy yet can offer shareholders attractive returns in a variety of market conditions," Peter Kavanagh, director of Harmony Energy Advisors Ltd, said.

Harmony Energy shares were up 1.6% to 119.88 pence on Friday afternoon in London.

By Jaskeet Briah; jaskeetbriah@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.