111. The Grand Master of Energy Storage - Dec23
Redefining Energy
00:00
Revenue and Volatility in the Energy Storage Industry
This chapter discusses the revenue opportunities and volatility in the energy storage industry, emphasizing the importance of geographical diversification of assets and the role of banking finance. It also explores the potential of decentralized storage and the challenges of managing decentralized energy systems.
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In the past 5 years, we have seen an incredible rise of Energy Storage (ESS) on numerous Grids. Those markets, whether in Europe (10GW) or in the USA (16GW), have been created by the magic formula where entrepreneurship blended with new technology.
For Laurent and Gerard, there is not better guest to discuss the phenomenal growth of the ESS than Dr Alex O’Cinneide. Alex is the Founder and CEO of Gore Street Capital, a London based fund which now manages a portfolio of 1.2GW of batteries in GB, Ireland, Germany, Texas and California. Seven years ago, he was working out of a telephone booth with his laptop on his knees.
Alex explains the value of a geographical portfolio approach, how tech is evolving, how supply chains are reacting, what is similar and what is different in all those markets. An energy transition story which is also a personal journey of a very talented entrepreneur whose success has been recognised by the Industry as Alex has been recently received the prestigious “Man of the Year” award by Solar Media.
Alex describes the investment in batteries (compared to wind or solar) as the most challenging, but also the most important and rewarding.
And as we say on the show, it is all about harnessing “space and time” or in a more market angle “Long Flex – Short Vol”
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This podcast is powered by Axpo an international leader in providing sustainable energy solutions for the future.
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This podcast is done in partnership with the Energy Storage Summit 2024
The Energy Storage Summit (20-21 February, London) is the biggest, busiest, and most innovative networking event for energy storage, uniting stakeholders to exchange knowledge, learn and establish crucial industry connections. Taking place at the Novotel London West in Hammersmith, the Summit has become Europe’s annual must-attend energy storage event for the entire value chain.
You don’t want to miss this one – book your ticket using code RE15 for a 15% discount. Following two sold out editions, we expect the same again in 2024.
Don't miss your chance to hear directly from innovators spearheading change and make your mark on the rapidly evolving energy storage industry. https://storagesummit.solarenergyevents.com/tickets/
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More on Alex and Gore Street Capital
Alex O’Cinneide is CEO and Chair of the Investment Committee of Gore Street Capital, which he founded in 2015 as a global platform to facilitate the deployment of renewable energy solutions. His career has included senior roles at KPMG, Quorum European Partners, Kleinwort Benson, Paladin Capital Group and utility-scale renewables developer Masdar Capital, where he served as Head of Investments and General Manager for six years. Alex also holds academic qualifications from Trinity College Dublin, the London Business School and the London School of Economics and Political Science, culminating in a PhD that analysed the effectiveness of renewable energy policy in the Republic of Ireland and the UK.
Gore Street Capital was formed in 2015 as a global platform to acquire and manage renewable energy solutions, supporting robust businesses and high-performing assets that contribute towards the transition to a low-carbon economy. In 2018, Gore Street Capital created the UK energy storage investment class by listing Gore Street Energy Storage Fund (LSE: GSF) on the premium segment of the London Stock Exchange, and has since played a material role in the growth of GSF from £30m at IPO to a market cap of over £451m as of 30 June 2023. The company comprises a team of almost 45 energy professionals in GB, Ireland and the US working across finance, construction, engineering, legal and more as it continually brings roles in-house to support the fund.
A note from GSF Compliance Department:
For Laurent and Gerard, there is not better guest to discuss the phenomenal growth of the ESS than Dr Alex O’Cinneide. Alex is the Founder and CEO of Gore Street Capital, a London based fund which now manages a portfolio of 1.2GW of batteries in GB, Ireland, Germany, Texas and California. Seven years ago, he was working out of a telephone booth with his laptop on his knees.
Alex explains the value of a geographical portfolio approach, how tech is evolving, how supply chains are reacting, what is similar and what is different in all those markets. An energy transition story which is also a personal journey of a very talented entrepreneur whose success has been recognised by the Industry as Alex has been recently received the prestigious “Man of the Year” award by Solar Media.
Alex describes the investment in batteries (compared to wind or solar) as the most challenging, but also the most important and rewarding.
And as we say on the show, it is all about harnessing “space and time” or in a more market angle “Long Flex – Short Vol”
-----
This podcast is powered by Axpo an international leader in providing sustainable energy solutions for the future.
------
This podcast is done in partnership with the Energy Storage Summit 2024
The Energy Storage Summit (20-21 February, London) is the biggest, busiest, and most innovative networking event for energy storage, uniting stakeholders to exchange knowledge, learn and establish crucial industry connections. Taking place at the Novotel London West in Hammersmith, the Summit has become Europe’s annual must-attend energy storage event for the entire value chain.
You don’t want to miss this one – book your ticket using code RE15 for a 15% discount. Following two sold out editions, we expect the same again in 2024.
Don't miss your chance to hear directly from innovators spearheading change and make your mark on the rapidly evolving energy storage industry. https://storagesummit.solarenergyevents.com/tickets/
----
More on Alex and Gore Street Capital
Alex O’Cinneide is CEO and Chair of the Investment Committee of Gore Street Capital, which he founded in 2015 as a global platform to facilitate the deployment of renewable energy solutions. His career has included senior roles at KPMG, Quorum European Partners, Kleinwort Benson, Paladin Capital Group and utility-scale renewables developer Masdar Capital, where he served as Head of Investments and General Manager for six years. Alex also holds academic qualifications from Trinity College Dublin, the London Business School and the London School of Economics and Political Science, culminating in a PhD that analysed the effectiveness of renewable energy policy in the Republic of Ireland and the UK.
Gore Street Capital was formed in 2015 as a global platform to acquire and manage renewable energy solutions, supporting robust businesses and high-performing assets that contribute towards the transition to a low-carbon economy. In 2018, Gore Street Capital created the UK energy storage investment class by listing Gore Street Energy Storage Fund (LSE: GSF) on the premium segment of the London Stock Exchange, and has since played a material role in the growth of GSF from £30m at IPO to a market cap of over £451m as of 30 June 2023. The company comprises a team of almost 45 energy professionals in GB, Ireland and the US working across finance, construction, engineering, legal and more as it continually brings roles in-house to support the fund.
A note from GSF Compliance Department:
- GSF is among the largest energy storage owners, including utilities, when judged on geographic spread – GB, Ireland, Germany, Texas and California.
- Around 3% of GSF’s Irish revenue is accrued by trading 5 MW from a 50 MW project.
- Gore Street Capital has 45 employees, plus contractors.
- GSF does not yet have operational assets in Scotland and future performance is yet to be determined.
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