ENERGY STORAGE

Gore Street selects Nidec as EPC contractor for 75MW Texas storage project

December 20, 2023

Gore Street Energy Storage Fund has selected Nidec Motor Corporation as the engineering, procurement, and construction (EPC) contractor for its 75MW Texas-based energy storage asset ‘Dogfish’.

The facility will initially be built with a one-hour duration, though the design allows for future retrofitting to extend the duration should it be determined in the that the “additional potential revenue from a two-hour system justifies the related additional cost”, a statement said.

The contracts include the EPC agreements and operations and maintenance (O&M) arrangements. They include warranties for availability and energy capacity.

The asset will integrate into the ERCOT grid network with a target energisation date of December 2024. The asset will participate in RRS [responsive reserve service], wholesale trading, the recently introduced ECRS [ERCOT Contingency Reserve Service] market, and any subsequent services introduced within the ERCOT market.

As part of the long-term strategic partnership with Gore Street, Nidec will be subscribing for 14,000,000 new ordinary shares in the capital of the company at 112.9 pence per share.

Alex O’Cinneide, CEO of Gore Street Capital, said:  “We are delighted to strengthen the existing relationship between Nidec and Gore Street with this strategic partnership and share issuance. During the current market dynamics, we are pleased to see a TOPIX 100 Company with a deep understanding of the sector take a material position in Gore Street. We look forward to working closely with Nidec over the coming periods.”

Michael Briggs, senior vice president and president of the motion & energy business unit at Nidec, commented: “Strategic partnerships with leading players are essential in achieving the scope and efficiency needed to address global demand for energy storage solutions. For this reason, we are proud to continue and evolve our strategic partnership with Gore Street Capital in a way that furthers our shared mission to accelerate global adoption of sustainable energy technologies. This project represents Nidec’s largest US-based BESS installation yet, and this partnership confirms our position as a global leader in this key market”.