BW ESS, a leading global energy storage operator, has cemented its position in the industry by fully acquiring Penso Power, a pioneer in large-scale battery storage. The move comes after a strategic partnership established in 2021 and aims to enhance BW ESS’s global energy storage capabilities as the market experiences rapid growth.
This acquisition brings together BW ESS’s international reach with Penso Power’s expertise in developing grid-scale battery storage solutions. With the global energy storage market projected to exceed $120 billion by 2030, the newly merged entity is well-positioned to capitalise on this expanding sector. Penso Power’s founders will also join the senior management team at BW ESS, helping drive future growth and innovation.
BW ESS, which already operates storage projects in Sweden and has over 1GWh of projects under construction in the UK, Australia, and Sweden, will now manage an expanded portfolio, including Penso Power’s 2GW pipeline across the UK and Australia. The combined pipeline now totals approximately 5GW globally, setting the stage for further expansion into new markets such as Italy.
CEO of BW ESS, Erik Strømsø, commented on the merger: “This transaction is a natural evolution of our partnership with Penso Power. Together, we’ve already entered new markets and pioneered innovative solutions. With this merger, we are significantly enhancing our capabilities and are now better equipped to unlock the value of global energy storage.”
Richard Thwaites, CEO of Penso Power, said: “Since 2017, Penso Power has been at the forefront of grid-scale energy storage. Joining forces with BW ESS allows us to fully realise the potential of our combined expertise and continue driving the energy transition.”
The merger strengthens BW ESS’s portfolio of ongoing projects, including the 100MW Bramley battery energy storage system in Hampshire, set to be energised by the end of 2024. The companies have also signed a seven-year tolling agreement with Shell Energy Europe Limited, solidifying their position in the UK energy market.
The integration of Penso Power into BW ESS marks a pivotal moment for both companies as they work together to shape the future of global energy storage.
