Global law firm Reed Smith has advised Eelpower Limited on its £20 million financing from GCP Asset Backed Income (UK) Limited, a fund vehicle managed by Gravis Management Limited. The investment will enable Eelpower to build out its pipeline of permitted energy storage sites and pursue new development opportunities.

A cross-disciplinary team brought the transaction to a close and comprised Leon Stephenson, Mac Campbell and Nicolle Odutoye on the finance aspects with assistance, from Caspar Fox and Alia Khalil (tax), Simone Goligorsky (ENR) and Josip Stajfer (real estate).

The new investment comes after Eelpower has delivered a series of innovative projects, most recently the UK’s first batteries to be deployed alongside river hydro assets alongside sister company Barn Energy.

“The Gravis investment in Eelpower’s battery storage business underlines the scale and investment strength of our current portfolio, and the growth potential of Eelpower and indeed the battery storage market in the UK,” said Mark Simon, chief executive of Eelpower.

Mac Campbell, Senior Associate on the matter commented: “We are delighted to have acted for Eelpower on this financing with Gravis, both of whom are quickly becoming leaders in what is perhaps the most rapidly growing sector of the renewables industry.  We look forward to working with Eelpower, Gravis and their partners on their continued expansion in this sector in the future.”

Reed Smith is fast-becoming a go-to adviser in the battery storage industry, with Leon Stephenson and Mac Campbell having advised financiers and sponsors on a variety of battery storage projects over the past year.