Energy Storage Firm Hits Funding Goal in Record Time
Scottish Company behind Pumped Storage Hydro projects achieves funding target in less than three weeks with peer-to-peer ethical investments platform Abundance
Hamilton-based ILI Group have today (9th Oct) announced the completion of their second round of investment on the ethical peer-to-peer investment platform Abundance. The investment raised £1.6m. Investors were offered a fixed 10% return per year for 3 years, and the investment was eligible to be held in an innovative finance ISA.
The funds from this investment will be used to continue the development of three pumped storage hydro projects in Scotland.
Pumped storage hydro allows the Grid to store excess energy that cannot be used by consumers during times of peak wind or solar generation. It does this by using this energy to pump water from a lower reservoir to a top reservoir. The water is held here until the energy is needed, when it is released to the lower reservoir through turbines, generating electricity like a conventional hydro plant. This process can be repeated as required. It therefore helps with balancing the growing proportion of variable sources of renewable energy on the grid.
Mark Wilson ILI CEO said, “We are delighted Abundance investors have again enabled us to reach our investment target and have backed our projects even in the current political uncertainty surrounding Brexit.
“As the country wakes up to the reality of climate change, it’s my belief that investors have recognised investments that will require backing whatever happens politically.
“Energy storage projects like these will be crucial in enabling the deployment of further renewable energy, ensuring we have a clean, stable, and sustainable future. Our projects alone could help offset 2 million tonnes of CO2 a year, helping ensure we can meet our climate promises for net zero.
”Abundance is the UK’s leading peer-to-peer ethical investment company. Over the last six years it has successfully raised £97 million to finance 38 green and socially useful projects, including wind farms, geothermal energy, tidal energy, and social housing.
Louise Wilson, co-founder and joint managing director of Abundance said, “We are very pleased that ILI has reached its target so quickly. Abundance investors are playing a leading role in funding the development we badly need to transition to a clean energy future, and clearly have a strong appetite for projects like these that are helping to deliver a greener grid. We look forward to bringing them more opportunities like this in the weeks and months ahead.”