Transmission

Jim Mills, Managing Director at Adaptogen Capital, dives into the transformative world of battery storage in the energy sector. He highlights how private equity has become a key player in scaling battery infrastructure, enabling the integration of renewables. Jim discusses challenges in financing and technological advancement, as well as emerging trends like co-located storage. He emphasizes the importance of regulatory adjustments and market signals to align energy generation with consumer needs, painting a promising picture for a net-zero future.

Italy is rapidly emerging as a major market for battery energy storage - but, unlike other regions, its approach has been highly structured. Instead of relying on pure merchant risk, Italy’s system operator is leading capacity auctions to accelerate deployment. So, how does this impact investment, and what does it mean for developers looking to enter the market?This week, Quentin Scrimshire is joined by Mahael Fedele, CEO & Partner at Sphera Energy, to unpack what’s driving Italy’s battery boom. In this conversation, they explore how the new System Operator-led auction model is shaping investment decisions, what challenges developers face in securing grid connections, and whether the trend of shifting from development to long-term asset ownership is the right move.Does Italy’s approach to storage create a reliable foundation for growth, or could it ultimately slow down private investment? We dive into the risks and opportunities of this approach, what it means for the future of energy storage in Europe, and where Sphera Energy fits into all of this.In this episode, we cover:Why Italy’s structured capacity auctions differ from other European markets.The key challenges developers face in securing grid connections.Whether the shift from development to asset ownership makes sense in Italy.The role of long-duration storage and alternative chemistries.How Italy’s approach compares to the UK, the US, and other leading markets.About the GuestMahael Fedele is the CEO & Partner at Sphera Energy, a battery storage development company focused on large-scale projects in Italy and Germany. With over 15 years in renewables, he has worked across multiple global markets - including Europe, APAC, and the US.Before founding Sphera Energy, Mahael played key roles in delivering utility-scale projects and navigating complex regulatory environments. Today, his focus is on Italy, where Sphera Energy has become a leading player in the country’s evolving energy storage landscape.

Italy is rapidly emerging as a major market for battery energy storage - but, unlike other regions, its approach has been highly structured. Instead of relying on pure merchant risk, Italy’s system operator is leading capacity auctions to accelerate deployment. So, how does this impact investment, and what does it mean for developers looking to enter the market?This week, Quentin Scrimshire is joined by Mahael Fedele, CEO & Partner at Sphera Energy, to unpack what’s driving Italy’s battery boom. In this conversation, they explore how the new System Operator-led auction model is shaping investment decisions, what challenges developers face in securing grid connections, and whether the trend of shifting from development to long-term asset ownership is the right move.Does Italy’s approach to storage create a reliable foundation for growth, or could it ultimately slow down private investment? We dive into the risks and opportunities of this approach, what it means for the future of energy storage in Europe, and where Sphera Energy fits into all of this.In this episode, we cover:Why Italy’s structured capacity auctions differ from other European markets.The key challenges developers face in securing grid connections.Whether the shift from development to asset ownership makes sense in Italy.The role of long-duration storage and alternative chemistries.How Italy’s approach compares to the UK, the US, and other leading markets.About the GuestMahael Fedele is the CEO & Partner at Sphera Energy, a battery storage development company focused on large-scale projects in Italy and Germany. With over 15 years in renewables, he has worked across multiple global markets - including Europe, APAC, and the US.Before founding Sphera Energy, Mahael played key roles in delivering utility-scale projects and navigating complex regulatory environments. Today, his focus is on Italy, where Sphera Energy has become a leading player in the country’s evolving energy storage landscape.

Financing large-scale renewable energy projects is no small feat. Developers face complex challenges, from securing capital and managing market risk in volatile electricity markets and navigating shifting regulations. Corporate power buyers play a huge role in shaping the market, and with the surge in large load users and developments in colocation, the industry is facing a huge change. In this episode of Transmission, Quentin sits down with John Larkey, Senior Vice President of Power Marketing at National Grid Renewables. They explore how large-scale renewable energy projects secure financing, navigate power markets, and manage risk. Over the conversation, you’ll hear about:The evolution from physical to financial trading in power marketsImpact of corporate buyers on the power purchase market.Virtual Power Purchase Agreements and their role in the market.Co-location of generation with large loads and the challenges and opportunities in the US power grid.Current state and future potential of flexibility in power marketsAbout our guestNational Grid Renewables, develop, construct, own, and operate competitive, high-performance renewable energy projects nationwide to maximize value for our customers, partners and community members. for more informayion on what they do - head to their website. John Larkey is the Senior Vice President of Power Marketing at National Grid Renewables, where he leads the company’s commercial strategy for large-scale renewable energy projects. With over 15 years of experience in the energy sector, he specializes in structuring power purchase agreements (PPAs), managing market risk, and securing financing for renewable projects, helping to drive the transition to a low-carbon energy future.About Modo EnergyModo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

In this engaging conversation, John Larkey, the Senior Vice President of Power Marketing at National Grid Renewables, shares his expertise in navigating the complexities of financing renewable energy projects. He discusses the shift from physical to financial trading and how corporate buyers are reshaping the power purchase landscape. The chat also delves into Virtual Power Purchase Agreements, the co-location of generation with large loads, and the urgent need for investments in transmission infrastructure, paving the way for a dynamic future in energy markets.

As the industry evolves, the role of battery storage is expanding beyond just wholesale trading. The demand for stability services such as synthetic inertia and reactive power are increasing as more renewables enter the grid. In this episode, we take a look Zenobē’s Blackhillock BESS project, the UK’s first large-scale battery storage project with a stability contract from National Grid. Feautring grid-forming inverters, it aims to provide crucial reactive power and inertia to support renewable energy integration.Please note: This episode was recorded January 9th, at which point the Blackhillock project was in the final stages of commissioning. At the point of publishing, Zenobē’s Blackhillock project is now operational.Tom Palmer, Head of Business Development in Network Infrastructure at Zenobē shares insights into the evolving landscape of battery storage, including the impact of grid constraints, investment outlook, and the role of stability services. Over the conversation, you’ll hear about:The 200MW/400MWh Black Hillock storage project: the UK’s largest battery storage facility and the first commercial deployment of grid-forming inverters.New stability contracts providing reactive power, inertia, and short circuit level.Evolution of battery storage market from frequency response to wholesale markets.The challenge of ‘skip rates’ and the impact they have on investment outlook in energy storage.Future pathways for storage, including co-location with renewable assets and policy shifts.About our guest Zenobē design, finance, build and operate battery solutions. Capturing renewable energy, balancing supply on the grid and transporting it to electric vehicles. Zenobē also focus on end-of-life repurposing of battery storage systems. Tom Palmer leads the business development team at Zenobē’s standalone storage and network infrastructure division. His team focuses on developing large-scale grid storage solutions, with a key emphasis on new revenue streams and the evolving business case for battery storage. About Modo EnergyModo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Tom Palmer, Head of Business Development at Zenobē, dives into the innovative Blackhillock project, the UK’s largest battery storage facility. He discusses how it integrates renewable energy with groundbreaking grid-forming inverters. The conversation highlights the shift from traditional energy markets to new stability services, the challenges of investment, and the importance of reactive power. Palmer also explores future pathways for energy storage, emphasizing the need for strategic planning and regulatory support to foster confidence in the evolving energy landscape.

Raising capital is one of the biggest challenges in the energy storage industry today. While banks and institutional investors are providing more financing than ever, securing debt for battery projects still comes with complexities - especially when dealing with merchant risk. So, how are lenders evaluating storage projects, and what does it take to get a deal across the line?This week on Transmission, Quentin is joined by Brandon Faber (Director at NORD/LB) - to discuss the evolving landscape of battery energy storage financing. With experience structuring large-scale energy deals, including the Goleta and Papago Storage Projects, Brandon provides a deep dive into how banks assess risk, the role of tolling agreements, and the future of debt financing for grid-scale storage.In this episode, you’ll learn about:How banks evaluate and structure financing for energy storage projects.The role of tolling agreements and why they matter for securing debt.Why some projects secure financing while others struggle.How merchant risk is priced into energy storage lending.The future of institutional investment in battery storage.About our guestBrandon Faber serves as a Director at NORD/LB, a German bank known for its active role in financing renewable energy projects, particularly battery energy storage systems (BESS). Brandon’s expertise lies in structuring and managing financing for large-scale energy projects, including the Goleta Energy Storage Project in California and the Papago Storage Project in Arizona. These projects exemplify NORD/LB’s commitment to supporting grid stability and the energy transition through innovative financing solutions. With a strong presence in the North American market, Brandon has also contributed to discussions on risk investment management in energy storage, providing valuable insights into the evolving landscape of renewable energy financing.About Modo EnergyModo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Brandon Faber, Director at NORD/LB, shares his expertise in financing renewable energy, focusing on battery energy storage projects. He discusses the complexities of raising capital in this field, including how banks evaluate and structure financing. Brandon elaborates on the significance of tolling agreements and how merchant risk impacts lending decisions. He also highlights the relationship between solar energy and battery storage, while shedding light on the evolving landscape shaped by incentives from the Inflation Reduction Act.

Sodium-ion batteries are at a critical moment of commercialization. With challenges in the lithium-ion supply chains, alternative battery chemistries are gaining attention. Could sodium-based solid-state batteries provide a safer, more sustainable path for large-scale grid storage? With low cost and readily available materials, sodium-ion technology could be a huge competitor. This week, Quentin Scrimshire is joined by Dr. Neil Kidner, Co-Founder and Chief Scientific Officer at Adena Power, to discuss why sodium-based solid-state batteries could be a game-changer for energy storage. With a background in materials science and decades of experience in advanced battery technologies, Neil explains how Adena Power is pioneering sodium-based solutions, the key differences from lithium-ion, and what the future holds for alternative battery chemistries.In this episode, we’ll cover:Why sodium-based solid-state batteries could be a safer and more sustainable alternative to lithium-ion.The challenges of lithium-ion supply chains and the potential for domestic alternatives.How Adena Power is developing high-temperature sodium-based battery technology.The role of alternative battery chemistries in long-duration energy storage.What investors and policymakers should consider when looking beyond lithium-ion.About our GuestDr. Neil Kidner leads the scientific and technological development at Adena Power, focusing on innovative sodium-based solid-state batteries designed for safer and more efficient grid energy storage. With a Ph.D. in Materials Science and over 15 years of experience in product development, Neil has been instrumental in advancing alternative battery technologies that utilize abundant materials like sodium and aluminum. His work at Adena Power builds on years of research in solid-state electrochemistry, with a focus on commercializing next-generation battery storage solutions.For more information on Adena Power, check out their website. About Modo EnergyModo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.